Ted Baker saw group revenue rise 8.4% for the 19 weeks ended June 7 but wholesale sales fell 8.6% below the same period last year.
Retail sales were up 15.4% which Ted Baker said was driven by a strong spring collection as well as new space. Retail square footage grew by 13.6% to 172,696sq ft over the period.
Ted Baker said that wholesale sales were 8.6% below the same period last year, but that this was an improvement on the 21.6% fall reported in the seven weeks from January 26. However Ted Baker said in a statement that conditions would remain challenging for its wholesale customers throughout 2008.
Ted Baker founder and chief executive Ray Kelvin said: “Considering the tougher retail climate, we have been pleased with our performance across the group and the positive reaction from customers to our spring summer collections. We plan to open further stores in White City (London), Bristol and Liverpool in the second half of the year and a further licensed store will open in Dubai in early September. We continue to consider further opportunities for the careful expansion of our brand, both in the UK and overseas and continue to develop the range and quality of our collections as exemplified by our premium womenswear collection ‘Langley’.”
Kelvin added: “As always, full year results are dependent on trading in the second half of the year, however, we believe that our continued focus on high product quality and attention to detail combined with our robust multi channel distribution model, means that we are well placed to deliver further progress in 2008.”