12th Jun 2018 08:35
LONDON (Alliance News) - Ted Baker PLC said Tuesday it is focused on delivering against expectations after reporting an increase in revenue and wholesale sales since January end.
For the 19-week period from January 28 to June 9, the lifestyle group reported revenue increase by 4.2% compared with the same period a year ago.
"This performance was achieved despite the impact of unseasonal weather across Europe and the East Coast of America in the early part of the period and, as previously reported, external trading conditions remaining challenging across many of our global markets," the company said.
Total retail sales for the period increased by 0.7%, with e-commerce sales up 34%.
Chief Executive Officer Ray Kelvin said: "We have made significant investment in our flexible business model to ensure that the Ted customer has multiple channels to engage with the brand.
"Our global e-commerce business continues to grow very strongly and is complemented by our unique stores and digital and social selling strategy, which showcase the brand to our customers."
Wholesale sales for the period increased by 14% with the company expecting "at least" single digit growth in the wholesale business for the rest of the financial year.
Average retail square footage grew 5.7% to 420,799 square feet compared to last year.
"Our flexible business model, including a relatively low number of own stores, enables us to respond to structural changes in the retail sector," Ted Baker said.
Ted Baker shares were trading 2.1% lower at market open on Tuesday at 2,336.00 pence each.
Related Shares:
TED.L