Ted Baker has reported a surge of 15.2 per cent in retail sales for the 19 weeks to June 13 and said its gross margins have so far been in line with expectations.
Total revenues climbed 7.6 per cent for the period despite continued weakening in its wholesale business, where sales dropped 15.7 per cent on last year.
Ted Baker said it was benefiting form a better than expected performance from its UK business and although its international portfolio is facing more challenging trading conditions it has laid out plans to expand in the US with the opening of a new outlet store in Orlando later this month and a store in Boston in October.
Ted Baker founder and chief executive Ray Kelvin said: “The economic environment remains uncertain. However, we remain confident that the strength of the Ted Baker brand coupled with our resilient multichannel distribution strategy and sound balance sheet will enable the group to weather this difficult environment.”
He added: “We have taken action to ensure our costs and commitments remain controlled and in line with the trends we anticipate for 2009 but will continue to invest carefully in the development of the brand where appropriate to support long-term growth.”
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