Premium fashion brand Ted Baker experienced a 20.9% surge in retail sales over Christmas and has appointed the Football Association’s chairman David Bernstein.
Ted Baker said “there was no significant promotional activity pre-Christmas” and as a result gross margins were in line with expectations in the eight weeks to January 5, 2013.
The retailer said it expects to end the season with a clean stock position.
It added that the board expects pretax profits for the year to January 26, 2013 to be “in line with expectations”. Espirito Santo expects adjusted pretax profits to come in at £31m.
Bernstein, who currently sits on Ted Baker’s board as a senior independent non-executive director, replaces Robert Breare, who has spent 11 years in the role.
Breare said he decided to leave Ted Baker as a result of “increasing executive commitments” such as temporary accomodation firm Snoozebox, of which he is chief executive.
Bernstein was previously chairman of French Connection and outdoor retailer Blacks Leisure. He is currently chairman of The Football Association and is a non-executive director of Wembley National Stadium.
Ted Baker founder and chief executive Ray Kelvin said: “On behalf of the board I would like to thank Robert for his major contribution during his time with Ted Baker.
“Under his chairmanship, Ted Baker has developed globally in a measured and consistent manner whilst always maintaining an emphasis on design, product quality and attention to detail that underpin everything we do.”
Ted Baker said across the Christmas period its UK and European business “performed strongly in a competitive trading environment” and its “e-commerce business continues to perform very well”.
In the US, the retailer said it continues to “make good progress and build brand awareness”, while it is “encouraged” by the initial response to its brand in Asia.
Ted Baker opened its first store in Canada in the period, in Toronto. It also opened a shop at Heathrow Terminal 3.
Kelvin added: “We were pleased by the performance in markets where the brand is established and continue to build brand awareness in our newer markets, where we are investing for the longer term.
“We remain focused on the continued development of the brand globally with further store openings planned in Shanghai, China in the first half of 2013.”