11th Jan 2017 07:42
LONDON (Alliance News) - Fashion retailer Ted Baker PLC on Wednesday said sales surged over the festive period and it remains on track to meet its full-year expectations.
The company said its retail sales grew 18% year-on-year in the eight weeks to January 7 and by 11% in constant currencies. Online sales rose 35% year-on-year, and the group added 8.5% to its overall trading space.
This includes new concession openings for the brand in China, its first store in Bahrain and a further store in Indonesia.
Ted Baker expects to end the year with a "clean" stock position and said its gross margins were in line with its expectations.
It will publish its annual results for the 52 weeks to January 28 on March 23 and anticipates these results will hit its expectations.
"Ted Baker has continued to perform well over the Christmas period against a tough trading backdrop. This result reflects the appeal of the brand and the quality of our collections as well as the talent and commitment of our team. On behalf of the board, I would like to thank all colleagues across the world for their continued passion and Tedication," said Ray Kelvin, Ted Baker's founder and chief executive.
"The strength of the brand and our multiple channels of distribution leave us well placed to continue the development of Ted Baker as a global lifestyle brand," he added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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