The performance during the reported period reflects difficult and unpredictable trading conditions, unseasonable weather experienced across North America and the highly promotional retail environment across global markets.
Total retail sales including e-commerce decreased by 0.3 per cent during the period (1.8 per cent decrease in constant currency) and average retail square footage rose by 5.3 per cent to 443,036 sq.ft (2019: 420,779 sq.ft). E-commerce sales increased by 2.4 per cent (1.2 per cent in constant currency) and represented 26.0 per cent of total retail sales (2019: 25.3 per cent). Wholesale sales improved 14.2 per cent (11.4 per cent in constant currency).
The period benefitted from incremental footwear revenue, following the acquisition of No Ordinary Shoes Limited and No Ordinary Shoes US LLC, which completed on 1 January 2019.
"In light of the challenging start to the financial year, management is actively focused on product initiatives and cost control. Monthly product drops and speed to market projects will commence in the coming weeks. Furthermore, we are driving further efficiencies through our sourcing and supply chain, as well as our ongoing focus on net working capital initiatives," Charles Anderson, finance director & company secretary, said.
"Ted Baker remains an outstanding brand and, underpinned by the strength of our flexible business model, including a relatively low number of own stores that showcase the brand, we remain confident in our long-term growth prospects. As a team, we are proactively addressing the challenges we face as an industry. Several of our new product initiatives will commence imminently and we are confident in our collections for the coming season. We are relentlessly focused on achieving cost efficiencies as well as further cost savings throughout the business," Lindsay Page, chief executive officer, said.
"We remain committed to the long-term development and expansion of Ted Baker as a global lifestyle brand. Over recent years, we have made a number of significant investments to ensure that the Group is well positioned to continue to adapt to structural changes in the retail sector," concluded Page. (RR)
Fibre2Fashion News Desk – India
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