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Trading statements

Ted Baker on track to meet FY expectations

14 June 2016 07:42

Ted Baker said it remains on track to meet its FY expectations, and that it intends to announce our interim results on 11 October 2016.

"Retail sales for the period increased by 12.7% (10.3% in constant currency) and average retail square footage rose by 9.7% to 379,254 sq.ft. (2015: 345,839 sq.ft.)," the company said.

"This good performance was achieved in the context of challenging external trading conditions, and is a reflection of the strength of the brand and the Group's business model.

"Our international expansion has continued with successful store openings in Beijing, Ottawa and Seattle, and further concession openings in premium department stores in China, France, Germany, Japan and Spain.

"Our e-commerce business has continued to perform well with sales increasing 32.3%, reflecting continued growth across our e-commerce sites. During the period, we launched our first language specific website in Germany and have been very pleased with its performance at this early stage.

"Wholesale sales for the period increased by 7.3% (5.6% in constant currency). Our North American wholesale business enjoyed a strong start to the season and continues to perform well.

"The performance of the UK wholesale business was impacted by the timing of some deliveries, as previously indicated, but we continue to anticipate achieving low double digit growth in the wholesale business for the full year.

"Both retail and wholesale gross margins were in line with our expectations. Our product and territorial licences continue to perform well with new licensed store openings in Azerbaijan, Egypt, Mexico and Taiwan.

"We continue to invest in our people and infrastructure to support the long term development of the Ted Baker brand globally. The on-going implementation of Microsoft Dynamics AX business systems across the Group has continued in line with our plans and the development of our new state-of-the-art European Distribution Centre is progressing well."

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