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Trading statements

Ted Baker positioned to meet FY expectations

13 June 2017 07:18

Ted Baker said it is positioned for further progress and to meet its FY expectations, despite the current uncertain macro environment.

In a trading update for the 19 weeks to 10 June, it noted a 14.2% increase in group revenue, compared with the same period last year.

Total retail sales for the period rose 14.3%, despite external factors continuing to impact trading conditions across some of the company's global markets.

"Our e-commerce business has continued to perform well with sales increasing 35.9% reflecting continued growth across our e-commerce sites as well as the strength of our retail proposition," said Ted Baker.

Average retail square footage rose 4.9% to 398,000 sq ft, from 379,254 sq ft a year ago.

"The global expansion of the brand continued with successful openings in Los Angeles, Paris, and Shanghai, our first Dutch outlet in Roermond and further concession openings in premium department stores in France, Germany, Japan, South Korea, the Netherlands and the UK," the company said.

"We also successfully relocated our Miami Aventura and Tokyo stores."

Ted Baker added that wholesale sales for the period increased 13.8%, reflecting good performances from both its UK and North American businesses.

"We continue to anticipate achieving high single digit growth (in constant currency) in the wholesale business for the full year. Both retail and wholesale gross margins were in line with our expectations."

The company said its product and territorial licensees continued to perform well, reflecting the global strength and appeal of the brand with licensed store openings in Dubai, Kuwait and Mexico.

"The Group is positioned to meet the Board's expectations for the full year despite the current uncertain macro environment."

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