Ted Baker on target for full-year after stellar Christmas

9th Jan 2014 07:29

- Strong Christmas performance despite tough markets- Sales up 18.3 per cent, gross margins in line- On track to meet full-year targetsBritish fashion brand Ted Baker said it was on track to meet full-year targets after reporting an 18.3 per cent jump in Christmas sales. The strong rise in sales during the eight weeks to January 4th was in part helped by a 10.9% increase in new retail space, the group explained.Following the strong key Christmas trading period, it expects pre-tax profit for the year ending January 25th 2014 to be in line with its expectations.The FTSE-250 group said the UK and Europe performed well in a competitive trading environment while progress continues in the US and Canada. It was also encouraged by the early stages of development in Asia.Ted Baker added that gross margins were in line with expectations and, unlike many other retailers, there was no significant promotional activity before Christmas. Retailer such as Mothercare and Debenhams have recently warned on profit despite significant promotional activity over Christmas.Ted Baker added that sales since Christmas have been particularly strong and it expects to end the year with a clean stock position.Online sales were strong, boosted by the start of its new UK e-commerce platform at the start of the period.Founder and Chief Executive Ray Kelvin said: "We remain pleased by the brand's performance in our established territories and continue to invest in newer markets for the long term development of Ted Baker as a global lifestyle brand."CJ