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Ted Baker hails 'good' Christmas trading, retail sales up 9%
Fashion retailer Ted Baker hailed a "good" performance over the Christmas period on Wednesday as it said full-year results should be in line with its expectations.
In a trading update for the period from 12 November 2017 to 6 January 2018, the company said retail sales rose 9% or 10.5% at constant currency, with e-commerce sales up 35%, or 36.4% at constant currency, representing 30% of total retail sales.
Average retail square footage increased by 5.9% and the group opened a new store in Montreal, further concessions in Germany and Spain and with its licence partners, and an additional store in each of Malaysia, Mexico and Qatar.
Ted Baker said gross margins were in line with its expectations and it expects to end the year with a clean stock position.
Founder and chief executive Ray Kelvin said: "The Ted Baker brand has continued to perform in line with expectations over the Christmas period, delivering a good retail performance driven by particularly strong growth from e-commerce, which is an increasingly important part of our retail business. This pleasing result reflects the strength of the brand and the quality of our collections as well as the hard work, skill and commitment of our teams.
"Whilst external trading conditions are expected to remain challenging in the year ahead, the strength of our brand and business model means that we remain well positioned to continue the long-term development of Ted Baker as a global lifestyle brand."