Ted Baker group revenue up 17.9%
Ted Baker grew its group revenue by 17.9% year-on-year in the 19 weeks to 7 June as the fashion retailer continued its overseas expansion. Retail sales climbed by 15.8%.
The retailer said the growth was a reflection of a strong performance across its established markets and good progress being made in its newer markets.
During the period, Ted Baker opened new stores in Glasgow and at Heathrow’s Terminal 2. It also continued its US expansion with a new store in Philadelphia, two new concessions through a leading department store, and a further outlet in California. In addition, new concessions were opened in Spain, France and the Netherlands, together with an outlet in Paris and two concessions in a leading Tokyo department store.
Wholesale sales for the period were 25.2% above the same period last year, although the retailer anticipates low double digit growth for the full year.
Never Miss a Retail Update!Ted Baker said its product and territorial licences continued to perform well with new licensed store openings in Dubai, Cairo and Saudi Arabia. It also opened a new store in Brisbane with its Australasian joint venture partner.
Gross margins were in line with expectations, and broadly in line with last year.
Ted Baker founder and chief executive Ray Kelvin said: “The Ted Baker brand has continued to perform very well and we have delivered further progress across our global markets and distribution channels.
“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. Commitment to quality, design and attention to detail underpins everything we do and we remain focussed on our strategy to further develop Ted Baker as a global lifestyle brand.”
