Fashion brand and retailer Ted Baker resisted the heavy discounting employed by many of its high street rivals leading up to Christmas, yet its results released today show strong growth during the period.
In the eight weeks to January 7th 2012 total retail sales increased 15.7 per cent compared to the same period last year, although this performance would have been boosted by a 7.3 per cent rise in store space and no like-for-like trading figures have been announced by the firm.
Gross margins were broadly maintained by the retailer over the festive period, despite others resorting to promotions to encourage reticent consumers, and the retailer’s board anticipates full-year profit before tax to be in line with expectations.
Ray Kelvin, Founder & CEO of Ted Baker, commented: “The group has delivered an excellent result over the Christmas trading period.
“In a challenging trading environment, this performance is a testament to the strength of the Ted Baker brand, our collections and people.”
All divisions of the business in all of the markets it operates in have reportedly performed well during the Christmas period and the retailer anticipates ending its final year on January 28th with a clean stock position.
Over 240,000 sq ft of retail space was added to the group’s portfolio during the eight weeks, and throughout 2011 Ted Baker has focused on developing its international presence through wholesale, licensing, new stores and concessions.
Kelvin added: “Whilst we are very mindful of the wider macro-economic uncertainty, we remain focused on the strategic development of the brand and look forward to the exciting opening of our store on Fifth Avenue, New York towards the middle of 2012 as well as the openings of our firststores in Tokyo in March and Beijing in June.
“We are also pleased to announce the opening of a new store in May on the Brompton Road, London.”