14th Nov 2013 08:22
LONDON (Alliance News) - British clothing and accessories retailer Ted Baker PLC Thursday said that revenues rose significantly in the third quarter, driven by new space and a strong performance across the business.
Ted Baker said that the brand continues to performance well across the business, and in line with board expectations. However, the group warned that its full-year results will be dependent on trading during its key Christmas trading period.
Ted Baker reported group revenues of GBP77.1 million in the third quarter ended November 9, a 24% increase on the GBP62.0 million a year earlier.
It said that retail sales rose 20% to GBP58.1 million in the third quarter, helped by an 11% increase in new retail space.
The group said that retail sales were supported by a strong performance in its established territories, and also said that it is encouraged by the development of the brand in newer markets.
It said that international expansion continued during the period, with further concession openings in department stores in the US, the Netherlands, France, Spain, Germany, as well as a first concessions in China.
"The reaction to our Autumn/Winter collections across all our international markets has been very encouraging and we have further store openings planned for the coming months in Hong Kong and Gatwick South and three stores through our licence partners, two in the Middle East and one in Turkey," said Chief Executive Officer Ray Kelvin in a statement.
Ted Baker said that wholesale sales for the period rose 41% to GBP19.0 million, compared with GBP13.5 million a year earlier, boosted by the earlier phasing of sales, and an improved performance in the UK. It said that its US wholesale business continues to perform well.
The group said that it now expects wholesale sales for the full year to be around 25% ahead of last year.
The retailer said that its online business also performance well during the quarter, as it launched its new UK e-commerce platform at the end of the quarter, which increases its multi-channel capabilities.
Ted Baker shares were trading up 2.9% at 1,842.00 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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