UK: Ted Baker trading boosted by UK performance
Ted Baker has said it has seen an 8.2% increase in group revenue for the 13 week period from 16 August to 14 November 2009, reflecting better than expected trading in the UK.
The UK-based clothing company reported that retail sales for the period were 19.8% above the same period last year and average retail square footage rose by 15% over the period to 207,150sq.ft.
"This result continues to reflect a better than anticipated performance in the UK, offset by difficult trading conditions in our overseas markets," a statement said.
"During the period we opened stores in Heathrow Terminal 1 and Boston, USA. We also opened our second store in Melbourne, Australia through our joint venture in the territory. We have been pleased with the performance of all three stores at this early stage," the company continued.
Wholesale sales for the period were 25% below the same period last year, Ted Baker said, reflecting a combination of factors including the transfer of some wholesale accounts to retail concessions, the closure of certain accounts and the difficult trading conditions being experienced by some of its wholesale customers.
"Our product and territorial licences continue to trade in line with expectations and we continue to consider further opportunities to develop the brand in North America," the statement said.
The company said that although it continued to trade ahead of expectations, as always the results for the full year will depend upon the key Christmas trading period.
Ray Kelvin, founder and chief executive, said: "I am pleased with the group's performance for the period. Reactions to our Autumn / Winter collections have been positive and we have also been pleased with our customers' response to Born by Ted Baker, our highly designed men's casualwear collection which was launched in August.
"We have a strong balance sheet and will continue to invest carefully in the long term development of the Ted Baker brand."
Designer fashion company Ted Baker is planning more store openings in the US market after posting a 9.8% rise in full-year pre-tax profit to GBP19.5m (US$29.1m)....
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