10th Jun 2008 07:00
10 June 2008
TED BAKER PLC
("TED BAKER")
INTERIM MANAGEMENT STATEMENT
FOR THE 19 WEEK PERIOD FROM 27 JANUARY TO 7 JUNE 2008
Ted Baker, the British designer brand is pleased to announce a 8.4% increase in Group revenue for the 19 week period from 27 January to 7 June 2008 (the "period"), compared to the same period last year, with gross margins in line with expectations.
Retail sales for the period were 15.4% above the same period last year, driven by our strong Spring Summer collections. Average retail square footage rose by 13.6% over the period to 172,696 sq.ft. (2007:152,043 sq.ft.). During the period we were delighted to announce the launch of our second standalone store dedicated purely to womenswear in South Molton Street, London as well as the opening of our 'Ted Baker & Friends' store on Cheapside, our first store in the City of London. Further store openings included Heathrow Terminal 5, Belfast and Cambridge and we have been pleased with the reaction to these new stores.
Wholesale sales for the period were 8.6% below the same period last year, which is an improvement on the figures reported at the time of our preliminary announcement. We still anticipate that conditions will remain challenging for some of our wholesale customers during 2008 and will continue to take action in respect of those customers who are no longer appropriate for our brand. As previously outlined, we expect wholesale sales for 2008 to be below the level achieved for the period 26 January 2008.
Our product and territorial licences continue to trade in line with expectations.
Commenting on trading, Ray Kelvin, Founder and Chief Executive, said:
"Considering the tougher retail climate, we have been pleased with our performance across the Group and the positive reaction from customers to our Spring Summer collections. We plan to open further stores in White City (London), Bristol and Liverpool in the second half of the year and a further licensed store will open in Dubai in early September. We continue to consider further opportunities for the careful expansion of our brand, both in the UK and overseas and continue to develop the range and quality of our collections as exemplified by our premium womenswear collection 'Langley'.
As always, full year results are dependent on trading in the second half of the year, however, we believe that our continued focus on high product quality and attention to detail combined with our robust multi channel distribution model, means that we are well placed to deliver further progress in 2008."
Enquiries:
|
Ted Baker |
Tel: 020 7255 4800 |
|
Lindsay Page, Finance Director |
|
|
Hudson Sandler |
Tel: 020 7796 4133 |
|
Michael Sandler / Sandrine Gallien |
This information is also available on Ted Baker's Investor Relations site at www.tedbaker.com
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