8th Jan 2009 07:00
8 January 2009
TED BAKER PLC
("TED BAKER")
CHRISTMAS TRADING STATEMENT
FOR THE PERIOD 1 NOVEMBER 2008 to 24 DECEMBER 2008
Ted Baker, the British designer brand announces a 7.2% increase in retail sales for the period 1 November 2008 to 24 December 2008 (the "period"), compared to the same period last year. Average retail square footage rose by 17.8% over the period to 183,031 sq.ft. (2007: 155,402 sq.ft.). This performance demonstrates the strength of the Ted Baker brand in a very difficult retail trading environment. Gross margins were some 2.5% below those achieved last year reflecting a higher level of promotional activity which was necessary given the competitive environment. As a result, we expect profit before tax for the full year to be at the lower end of the range of market expectations, which currently stands at £19m to £23m.
Retail sales for the period from 10 August 2008 to 24 December 2008 increased by 11.5% when compared to the same period last year. Since the end of the first half we have opened stores in Bristol, in the Liverpool One development and two stores in Westfield London.
We have made a strong start to the post Christmas sales period and expect to enter the new season with a clean stock position. We anticipate that we will end the financial year with a strong balance sheet and net cash.
We expect to announce our preliminary results for the 53 weeks to 31 January 2009 on Thursday 26 March 2009.
Commenting on trading, Ray Kelvin, Founder and Chief Executive, said:
"This is a creditable performance in a very challenging market and I would like to thank the Ted Baker team for their effort and dedication.
We expect 2009 to be a challenging year but believe that we are well placed to deal with the difficult trading environment. Our brand remains strong with a loyal customer base and our financial strength will allow us to continue to invest in the development of the Ted Baker brand worldwide and to take advantage of opportunities that may arise. We remain focused on providing great products for our customers and offering the highest service levels."
Enquiries:
|
Ted Baker |
Tel: 020 7255 4800 |
|
Lindsay Page, Finance Director |
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|
Hudson Sandler |
Tel: 020 7796 4133 |
|
Michael Sandler / Kate Hough |
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