Ted Baker sales up 3.5% despite ‘challenging’ market
Fashion retailer Ted Baker has said it made good progress in the first half of its financial year despite “challenging” trading conditions.
Group revenue was up 3.5% to £306 million in the 28 weeks to 11 August while retail sales increased by 1.1% to £220.1 million. This included a 1% uplift in the UK and Europe and a 1.8% increase in North America. Sales in the retailer’s Rest of the World business fell by 1.8% in the period.
Meanwhile pre-tax profit before exceptional items was up 3.5% to £25 million. However, pre-tax profit declined by 3.2% to £24.5 million when exceptional items were included.
Ray Kelvin, Ted Baker founder and chief executive, said: “Ted Baker has continued to develop and expand as a global lifestyle brand across its markets and distribution channels despite challenging external trading conditions. This continued growth is testament to the strength of the Ted Baker brand, the design and quality of our collections as well as the dedication and talent of our teams.”
Ted Baker opened two stores in the UK, three in the US, and one in Spain in the half year. It also launched three new outlets across France and Germany and opened further concessions in leading department stores in the UK, Europe and North America.
Looking ahead, Kelvin said: “Whilst we believe that the second half of the year will remain challenging due to external factors, we are well positioned to continue Ted Baker’s long-term development.”
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