British fashion brand Ted Baker has today reported strong third-quarter retail sales growth, with revenues in this area of the business up 12.3 per cent year-on-year.
A number of new store openings and relocations have helped strengthen the company’s position in the global fashion industry, while the warm weather in the UK that has impacted so many mid-market fashion retailers failed to hold back its sales in the 13 weeks to November 12th 2011.
Retail square footage rose by 7.2 per cent over the period to 237,446 sq ft, aided by the relocation of UK stores at Bicester Outlet Village and the Bluewater shopping centre to larger units and openings in the US.
Today’s statement indicated that Ted Baker’s licensed stores in the Middle East and Asia have continued to perform well, although wholesale sales for the period were 4.7 per cent down on the same quarter last year.
Group wholesale sales for the full year are still expected to be up 12 per cent on 2010/11, but retail gross margin currently remains slightly below last year “due to the mix of product sales”.
Ray Kelvin, Founder and CEO of Ted Baker, and recent recipient of an MBE in the Queen’s new year honours list, commented: “The group has delivered a strong result over the period.
“Our collections continue to be well received across our domestic and international markets.
“We continue to expand the brand into new territories, whilst maintaining our focus on design, quality and attention to detail, the core strengths which underpin the Ted Baker brand.”
Looking ahead, Kelvin said he was looking forward to opening new stores in Tokyo and Beijing at the start of 2012, as well as an outlet in popular US shopping district Fifth Avenue later in the year.
Ted Baker’s next trading update, which will include figures for the busy Christmas period, will be published in mid-January.
So far trading for the year-to-date has been in line with the board’s expectations.