UK: New stores boost Ted Baker sales growth
Overseas expansion has helped fashion retailer Ted Baker to a double-digit rise in revenue for the 13 weeks to 10 November - and will continue next year with the opening of its first store in Canada.
The opening of concessions in the Netherlands, Ireland, Spain and Germany as well as its first store in China helped Ted Baker book a 22.1% in group revenue, an interim statement said today (15 November).
Concessions in the US, however, were disrupted by the effects of Hurricane Sandy.
Retail sales rose 24.6%, while wholesale revenues climbed 14.2%. The group said its e-commerce business and licensing division continued to perform well. Gross margins were in line with last year.
"The group has delivered a good result over the period, in line with our expectations," chief executive and founder Ray Kelvin said.
"We are very encouraged by the reaction to the brand and collections in our new markets where we are investing for the longer term development of the brand and further new store openings are planned for the coming months, including our first store in Toronto, Canada, further stores in Shanghai, China as well as a new store in Heathrow Terminal 3."
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