Ted Baker Christmas sales up 20.9%
Fashion retailer Ted Baker has reported strong Christmas trading as non executive chairman Robert Breare confirmed he will step down after more than 11 years in the role.
In the eight weeks to 5 January, retail sales rose 20.9% compared to the same period last year.
Average retail square footage rose by 13.9% to 273,340 sq ft in the period. Gross margins were in line with expectations and the retailer expects to end the season with a clean stock position. As in previous years, there was no significant promotional activity pre-Christmas.
In a trading statement, Ted Baker said its business in the UK and Europe performed strongly in a competitive trading environment, while its online business continued to perform very well. The retailer added that it was continuing to build brand awareness in the US, while in Asia, where it is in the early stage of investing in new markets, it had been encouraged by the initial response to the brand.
Never Miss a Retail Update!The board said it expects profit before taxation for the year ending 26 January 2013 to be in line with expectations.
Commenting on trading, Ray Kelvin CBE, founder and chief executive said: “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.”
The retailer also announced that its non-executive chairman Robert Breare will step down with immediate effect to be succeeded by David Bernstein who is currently the company’s senior independent non executive director.
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.”
Breare added: “It has been a privilege to chair the Board of Ted Baker for more than a decade, over which period Ted Baker has achieved remarkable growth while becoming a truly global brand.
“Following today’s positive Christmas period trading update, and with increasing executive commitments such as Snoozebox, I feel it is time to hand over to a new chairman to lead the Board as Ted Baker continues its development. David Bernstein is a very experienced and respected candidate who, along with the rest of the board, I am certain will lead Ted Baker to further success.”
Currently chairman of the Football Association, Bernstein joined the Ted Baker board in 2003 and is a former chairman Blacks Leisure and French Connection.
