14th Jun 2016 06:53
LONDON (Alliance News) - Ted Baker PLC on Tuesday reported growth in revenue in the 19 weeks to June 11 and said it is on track to meet the board's expectations for its full financial year to January 2017.
The luxury fashion retailer said group revenue in the recent 19 weeks rose by 11% year-on-year, with 13% growth in retail sales, 7.3% in wholesale sales and 32% in e-commerce sales.
In the retail division, Ted Baker said it expanded average square footage by 9.7% while opening new stores in Beijing, Ottawa and Seattle, as well as further concession openings in department stores in China, France, Germany, Japan and Spain.
Meanwhile, growth in the wholesale division was boosted by "a strong start to the season" in North America, while the UK business was hit by the timing of some deliveries. Ted Baker still expects to achieve low double-digit growth for the full year, though.
Within e-commerce, Ted Baker launched its first language-specific website in Germany and said it is "very pleased" with its performance so far.
Both retail and wholesale gross margins were in line with expectations, Ted Baker said, adding that its product and territorial licences continue to perform well with new licensed store openings in Azerbaijan, Egypt, Mexico and Taiwan.
Ted Baker will release its half-year results for the 28 weeks ending August 13 on October 11.
"These results demonstrate the strengths of the brand. Underpinned by our unwavering focus and passion across all of our products and distribution channels, the talent and dedication of our global teams continue to execute our multi-channel growth strategy. We are very pleased with the response from our customers over this period and remain well-positioned to deliver our expectations for the full year," Chief Executive Ray Kelvin said in a statement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
TED.L