Ted Baker shrugs off downturn
Ted Baker said its first half performance has been better than expected despite difficult trading conditions.
Profit before tax in the 28 weeks to 15 August slipped 18.4 per cent to £6m from £7.4m in the same period last year.
Group revenue increased by 7.0 per cent to £76.6m (2008: £71.6m) for the 28 weeks ended 15 August 2009 and the composite gross margin was slightly above last year at 59.5 per cent (2008: 58.7 per cent) due to the change in the mix between retail and wholesale sales. Retail now represents 80.0% of total turnover (2008: 74.5%) and the company anticipates that this figure may be slightly higher by the year end due to the seasonally higher level of retail sales in the second half of the year.
Commenting, Ray Kelvin, Founder and Chief Executive, said: 'The Group's performance in the first half of the year has been better than expected given the difficult trading environment. This trend has continued into the second half and whilst we remain cautious, given the uncertain economic outlook, the initial reactions to our Autumn / Winter collections have been encouraging.'
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