Ted Baker is beating the forecasts

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The Independent Online

Fashion followers around the world helped Ted Baker smash forecasts with retail sales growth of 30.7 per cent. The fashion chain's UK, overseas and website businesses the City expected for the 20 weeks to 15 June and the shares soared more than 15 per cent to 1,700p.

It opened concessions in France, Spain, the Netherlands and Tokyo and shops in Shanghai, Adelaide, Beirut, and Kuwait.

Overall group sales were up 32.7 per cent while wholesale grew by 41 per cent. The group's gross margins were in line with last year.

Its founder and chief executive Ray Kelvin said: "We are continuing to invest in developing the Ted Baker brand internationally and have been encouraged by the reaction to the brand and the collections in our new markets. Whilst the outcome for the full year will be dependent on the second half, we remain very confident of our prospects."