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Ted Baker reports strong performance across global markets

Business |REPORT

Ted Baker reports strong performance across global markets

By Prachi Singh

12 Jun 2015

Ted Baker announced a 24.2 percent increase in group revenue for the 18 week period from February 1, 2015 to June 6, 2015, compared to the same period last year. Retail sales for the period increased by 18.9 percent or 18.1 percent in constant currency) and average. Retail square footage rose by 6.6percent.

Performance across the established markets was strong. The company opened its first street level store in Hong Kong in Causeway Bay, and a store dedicated to showcasing its licensed product range, Ted Baker & Moore, in Spitalfields London. It also opened further concessions in the UK, France, Germany, the Netherlands, North America, China and Japan.

Commenting on trading, Ray Kelvin CBE, Founder and Chief Executive said, “We are pleased with the performance of our Spring/Summer collections both in the UK and internationally, which is testament to our skilled and passionate team.”

Its e-commerce business has continued to perform well too, with sales increasing 46.9 percent. This reflects further growth in the UK, a good performance from the US site, which benefited from the migration to its new platform in July last year and an encouraging contribution from the new Canadian site which opened at the end of 2014.

Wholesale sales for the period increased by 41.2 percent or 38 percent in constant currency, with a strong performance from both the UK and North American businesses. Consequently, the company now anticipates growth for the full year of around 18 percent. Both retail and wholesale gross margins were in line with last year. Both product and territorial licences continue to perform well with new licensed store openings in Azerbaijan, Dubai, Qatar, Saudi Arabia, Thailand and two in Taiwan.