- Group sales in 13 weeks to November 12 up 14.8%
- Retail sales rise 15.4%
- Shops opened in Atlanta, Miami, Calgary
Ted Baker has posted a 14.8% jump in third-quarter group sales despite continued “challenging trading conditions”.
Sales were boosted by the London-based fashion retailer’s continued overseas expansion, strong ecommerce and wholesale sales, and its retail performance.
Ted Baker stores were opened in Atlanta, Miami and Calgary and concessions launched in department stores in China, Germany, Japan and Spain.
Ecommerce sales jumped 30.3%, or 25.9% on a constant currency basis.
Retail sales in the 13 weeks to November 12 leapt 15.4%, or 6.7% on a constant currency basis. This came despite “on-going external factors” continuing to hit trading, the company said. A like-for-likes sales figure was not disclosed.
Average retail square footage rose by 8.8%.
Founder and chief executive Ray Kelvin said: “The brand continues to perform well despite challenging trading conditions and we remain focused on the long-term development of Ted Baker as a global lifestyle brand.”
Kelvin said that business had improved over the last few weeks in the UK due to the cold weather.
He added: “There’s pent-up demand in the states as no one’s really been shopping for the last month in the election, should have a good run into the Christmas period.”
“The reaction to our collections has been very encouraging, however, the group’s full-year results will, as always, be dependent on trading conditions over the important Christmas period.”
Kelvin told Retail Week that Ted Baker would be participating in Black Friday but that he was not fond of the phenomenon.
He said: “We are participating as we did last year but [aside from that] we won’t be discounting until after Christmas. The customers expects that. All the department stores join in on Black Friday so we have wholesale representation concessions.
“We have to join in with it, there’s not much option to be honest with you. You can’t be on sale in Selfridges and House of Fraser but not in your own shops, that’d be nonsense.”
Kelvin said that he was unsure how Black Friday would progress but that “more retailers won’t be able to afford to do it, what with currency issues and other economic issues”.
He added: “They will ask themselves whether people really want to buy a discounted gifts. Maybe we will go back to more traditional sale periods. Fixed costs are going up - people won’t be able to stay in business.”