Ted Baker has once again defied the doom and gloom plaguing the high street by recording an uptick in revenue for the 19 week period ending June 9.
In a trading update, the fashion retailer announced a 4.2 per cent year-on-year increase in total revenue which it said it achieved despite the impact of unseasonal weather across Europe and the east coast of North America in the early part of the period and, as previously reported, ongoing touch market conditions in many of its global markets.
The British retailer said total retail sales including ecommerce increased by 0.7 per cent for the period and average retail square footage rose by 5.7 per cent to 420,799sq ft, compared to the 398,000sq ft recorded this time last year.
Ecommerce on its own performed well with sales increasing by 33.6 per cent, while Ted Baker’s wholesale sales for the period increased by 14.2 per cent.
“Our flexible business model, including a relatively low number of own stores, enables us to respond to structural changes in the retail sector,” the retailer said.
The company added that it continued to anticipate achieving at least high single digit growth in the wholesale business for the full year, and that both retail and wholesale grow margins were in line with expectations.
Ted Baker founder and chief executive Ray Kelvin said: “We have made significant investment in our flexible business model to ensure that the Ted customer has multiple channels to engage with the brand.
“Our global e-commerce business continues to grow very strongly and is complemented by our unique stores and digital and social selling strategy, which showcase the brand to our customers.
“The group’s continued progress and growth is a reflection of the design and quality of our collections as well as the sustained appeal of the Ted Baker brand.
“These strengths, along with our business model and the passion, skill and commitment of our team mean that, despite an uncertain consumer outlook, we are well positioned to continue Ted Baker’s long-term development.”