Ted Baker is back in form and at a premium

It's worth noting that Ted Baker doesn't report like-for-like sales figures. "We never have," said Mr Anderson, who also believes a truly multi-channel retailer should report the total growth figure to give investors the best overall measure of progress. Ted Baker prefers to focus on retail sales per square foot instead, which rose from £418 in last year's first half to £423. Mr Anderson attributes Ted Baker's success to its focus on the breadth of the range, the quality of its product and its customer service.

The business model - spread across retail, wholesale and licensing - also insulates it from relying too heavily on one division, or even one market, for growth. On that ground, management wants to dispel concerns about Ted Baker's Asian outpost. Asian revenues only account for around 5 per cent of the total, said Mr Anderson, so a consumer squeeze in that region has minimal impact at group level. During the first six months, sales in its Middle East, Asia, Africa and Australasia division rose 15.8 per cent, or 6.5 per cent at constant currencies.

Crucially, margins are on the rise, too. The retail gross margin improved to 65.6 per cent (64 per cent in 2015) thanks to more full-price product sales.

Analysts at Liberum expect pre-tax profits of £65.3m for the year ending January 2017, giving EPS of 111p, compared with £58.7m and 99p in FY2016.