12th Jun 2015 06:22
LONDON (Alliance News) - Fashion retailer Ted Baker PLC Friday said it is on track to meet expectations for its full year following a strong start, with revenue up 24.2% in the eighteen weeks from the beginning of February to June 6.
Retail sales during the period were up 18.9%, or 18.1% at constant currency, the company said. E-commerce sales rose 46.9%, driven by further growth in the UK and a strong performance from Ted Baker's US site, as well as a contribution from its new Canadian site launched at the end of 2014.
Wholesale sales rose 41.2%, boosted by a good performance in the UK and North America. In North America sales were driven by a strong start to the season and changes to buying patterns, Ted Baker said, and it now expects full-year growth in this segment of around 18%.
Average retail square footage rose 6.6% to 345,399 square feet compared to 323,872 square feet a year before. The company opened its first street-level store in Hong Kong, and a store for its licensed product range in the Spitalfields area of London. It opened further concessions in the UK, France, Germany, the Netherlands, North America, China and Japan.
Ted Baker plans to announce its interim results October 8.
"The Ted Baker brand continues to perform very well and we have delivered further progress across our global markets and distribution channels," said Founder and Chief Executive Ray Kelvin in a statement.
"We are pleased with the performance of our Spring/Summer collections both in the UK and internationally, which is testament to our skilled and passionate team. Commitment to quality, design and attention to detail underpins everything we do and we remain focussed on our strategy to develop Ted Baker as a global lifestyle brand," Kelvin added.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
TED.L