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Sales jump at Ted Baker

Group revenue at Ted Baker increased by 14% in the 19 weeks to 10 June compared to the same period last year, fuelled by online growth and international expansion.

Total retail sales for the period increased by 14.3% (8% in constant currency), while online sales continued to outperform, up 36% (32% in constant currency).

Wholesale sales increased by 14% (9% in constant currency), reflecting good performances from both the UK and US businesses. Ted Baker added it expects to achieve high single-digit growth in constant currency in the wholesale business for the full year.

The retailer said both retail and wholesale gross margins were in line with expectations.

During the period average retail square footage rose by 5% to 398,000 sq ft.

The global expansion of the brand continued with openings in Los Angeles, Paris, Shanghai, the first Dutch outlet in Roermond and further concession openings in department stores in France, Germany, Japan, South Korea, the Netherlands and the UK. The retailer also relocated its Miami Aventura and Tokyo stores.

The business said the group is positioned to meet the board’s expectations for the full year despite the ”current uncertain macro environment”.

Ray Kelvin, founder and chief executive, said: “This continued good performance across all of our distribution channels is a reflection of the strength and appeal of Ted Baker as a global lifestyle brand. The continued expansion of the brand remains underpinned by an unwavering focus on quality and attention to detail.

“We are very pleased with the customer response during the period and, despite an uncertain macro environment, we remain positioned to deliver further progress and our expectations for the full year.”

 

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