Ted Baker on track to hit profit target as high street sales surge 12.7%

PA

Retailer Ted Baker has posted an 11.3% increase in revenues in the first quarter, shrugging off fears of a high street slowdown.

The luxury clothing firm said retail sales rose 12.7%, while online transactions rocketed 32.3%, as it hailed the strength of its brand in "challenging external trading conditions".

Ted Baker founder and chief executive Ray Kelvin said: "These results demonstrate the strengths of the brand. We are very pleased with the response from our customers over this period and remain well positioned to deliver our expectations for the full year."

The retailer also extended its international reach over the period, opening stores in Beijing, Ottawa and Seattle, and further concessions opening in France, Germany, Japan and Spain.

The company said it remains on track to meet the board's profit expectations for the full year.