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Ted Baker posts marginal growth in sales

13
Nov '08
Ted Baker, the British designer brand is pleased to announce a 1.8% increase in Group revenue for the 13 week period from 10 August to 8 November 2008 (the 'period'), compared to the same period last year, with gross margins in line with expectations.

Retail sales for the period were 13.3% above the same period last year and average retail square footage rose by 17.1% over the period to 180,194 sq.ft. (2007:153,901 sq.ft.). The period was affected by both unseasonably warm weather, in contrast to a period of cold weather last year and increased economic uncertainty.

During the period we opened stores in the Cabot Circus development in Bristol and in the second phase of the Liverpool One development in Liverpool City centre. We were also delighted to announce the opening of two stores in Westfield London. The second store, located in the luxury village, is our new Ted Baker Pashion store, which showcases our affordable luxury designer collections.

Wholesale sales for the period were 21.0% below the same period last year partly due to the later phasing of deliveries but also reflecting the challenging trading conditions being experienced by our customers. As previously outlined, we expect wholesale sales for the full year to be below the level achieved for 2007. However, we expect the level of reduction in wholesale sales for the second half of the year to be closer to the trend of the first half which was 12.1% below the level of the previous year.

Our product and territorial licences continue to trade in line with expectations.

Our brand is well positioned and our Autumn / Winter 2008 collections have been well received by our customers. However, the current economic difficulties must make us cautious about trading for the remainder of the financial year.

Commenting on trading, Ray Kelvin, Founder and Chief Executive, said:

'We continue to focus on high product quality, design and attention to detail and have been pleased with the overall response to the stores we opened during the period.

We remain mindful of the current economic uncertainty and will continue to manage our business carefully. We believe that the strength of the Ted Baker brand combined with our robust multi channel international distribution means we are well positioned to deal with the challenges ahead.'

Ted Baker is one of the fastest-growing leading lifestyle brands in the UK. Its collections have expanded rapidly since its beginnings as a Menswear brand in Glasgow in 1987. Today Ted Baker offers a wide range of trendy and innovative collections including: Menswear, Womenswear, Global, Endurance, Accessories, Teddy Boy, Teddy Girl, Teddy Baby, Fragrance, Skinwear, Footwear, Eyewear and Watches.

Ted Baker has a portfolio of stores in the UK, the USA, Continental Europe, the Middle East and Asia and is also present in leading department stores.

Ted Baker


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