UK: Ted Baker Q3 sales rise defies retail gloom
UK fashion retailer Ted Baker has bucked the recent trend of sector gloom with a 14.3% rise in revenue during the group's third quarter.
Retail sales for the three months ended 10 November were up 13.4% on 2006, while wholesale figures rose 16.3%. However, the group warned that full-year wholesale figures were likely to be slightly down, due to difficulties experienced by wholesale customers.
The company's solid performance is in stark contrast to that of other UK retailers such as French Connection and Next, who experienced tough trading during October in particular.
Ted Baker said gross margins were "in line with management expectations" and pointed out that average retail space had grown 6.5% over the period, with new openings in Dublin and Melbourne.
"We are pleased to report that we have received a very positive response from our customers to our autumn/winter collections, and trading across the group has been in line with our expectations," said Ted Baker founder and chief executive Ray Kelvin. "While the results for the full year will, as always, be dependent on trading in the Christmas period, the board remains confident of another successful outcome for the year."
Ted Baker is set to open new stores in Brighton and Florida this month, with another licensed store poised to start trading in Jakarta in December.
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