Lifestyle brand Ted Baker added to the chorus of strong Christmas trading figures on Wednesday, with retail sales up 18 percent year-on-year for the eight weeks to January 7th.
The company saw particularly strong performance from its website, with online sales up 35 percent year-on-year. A successful expansion plan meant Ted Baker added 8.5 percent to its overall trading space, opening stores in China, Bahrain and Indonesia.
The company assessed its performance as “good”, “despite a backdrop of on-going external factors” which had continued to impact on trading. However, it added that gross margins were in line with expectations and that they expect to end the year with a clean stock position, saying that “the Board anticipates that results will be in line with its expectations”.
Commenting on trading, Ray Kelvin CBE, Ted Baker’s founder and chief executive said:
“Ted Baker has continued to perform well over the Christmas period against a tough trading backdrop. This result reflects the appeal of the brand and the quality of our collections as well as the talent and commitment of our team. On behalf of the Board, I would like to thank all colleagues across the world for their continued passion and Tedication.
“The strength of the brand and our multiple channels of distribution leave us well placed to continue the development of Ted Baker as a global lifestyle brand.”
It will publish its annual results for the 52 weeks to January 28 on March 23. Investors reacted positively to the Christmas trading figures, with Ted Baker (LON:TED) shares up 2.67 percent at 2,719.82 in early trading (0931GMT).