Ted Baker storms ahead
British lifestyle fashion brand Ted Baker has reported strong performance across all global markets and distribution channels in the 18 weeks to June 6.
Group revenue soared 24.2 per cent above the same period last year, with retail sales up 18.9 per cent and retail square footage up 6.6 per cent to 345,399 sqft.
Online sales surged 46.9 per cent, reflecting further growth in the UK, a good performance from its US site and the launch of a new Canadian site.
“Performance across our established markets was strong and we continue to invest in developing brand awareness in newer markets,” the company said in a statement.
“We opened our first street level store in Hong Kong in Causeway Bay and a store dedicated to showcasing our licensed product range, Ted Baker & Moore, in Spitalfields London. We also opened further concessions in the UK, France, Germany, the Netherlands, North America, China and Japan.”
Wholesale sales increased by 41.2 per cent (38 per cent in constant currency), with a strong performance from both the UK and North American businesses.
“In North America in particular, sales have benefited from a strong start to the season and changes to buying patterns, which have brought forward some orders. Consequently, we now anticipate growth for the full year of around 18 per cent.”
Both retail and wholesale gross margins were in line with the company’s expectations, and broadly in line with last year.
Ted Baker says its product and territorial licences continue to perform well with new licensed store openings in Azerbaijan, Dubai, Qatar, Saudi Arabia and Thailand and two in Taiwan.
“We continue to invest in our people and infrastructure to support the long term development of the Ted Baker brand globally.”