High-street chain Ted Baker (TED) appears to be on course to meet its full-year expectations. Revenues rose 14.2 per cent during the 19 weeks ended 10 June, with retail sales growing at close to the same rate. Taking into account that Ted added around 4.9 per cent to its retail space during the period, City analysts estimate a like-for-like growth rate of around 5 per cent to date. Management also said gross margins on both the retail and wholesale sides were in line with expectations.
Online sales stormed ahead - by nearly 36 per cent this time - while wholesale revenues grew by 14 per cent, reflecting a good performance both in the US and at home. The group is busy expanding its international footprint, opening new sites in Los Angeles, Paris, Shanghai, as well as its first Dutch outlet in Roermond. There were also further concession openings in premium department stores across France, Germany, Japan, South Korea, the Netherlands and the UK.
Chief executive and founder Ray Kelvin said the numbers reflected the strength and appeal of the Ted Baker brand despite a more uncertain consumer environment.
