Ted Baker reported retail sales were up 19.8% in the 13 weeks to November 14, resulting in a better than anticipated performance in the UK, offset by difficult trading conditions in its overseas markets.
The retailer recorded group revenue up 8.2%, with gross margins in line with expectations. Wholesale sales were down 25% reflecting the transfer of some wholesale accounts to retail concessions, and the closure of some accounts.
During the period, retail square footage rose by 15% over the period to 207,150 sq ft.
Ray Kelvin, founder and chief executive, said: “I am pleased with the group’s performance for the period. Reactions to our autumn/ winter collections have been positive and we have also been pleased with our customers’ response to Born by Ted Baker, our highly designed men’s casualwear collection which was launched in August. We have a strong balance sheet and will continue to invest carefully in the long term development of the Ted Baker brand.”
The retailer said the results for the full year depend upon the key Christmas trading period. It said the brand is well positioned to take advantage of opportunities as they arise.
Ted Baker opened three stores over the period in Heathrow Airport, Boston, USA and Melbourne, Australia.
The retailer said product and territorial licenses continue to trade in line with expectations and it will continue to consider further opportunities to develop the brand in North America.