Interim Management Statement
November 17 2010 - 2:00AM
UK Regulatory
TIDMTED
RNS Number : 3012W
Ted Baker PLC
17 November 2010
17 November 2010
TED BAKER PLC
("TED BAKER")
INTERIM MANAGEMENT STATEMENT
FOR THE 13 WEEK PERIOD FROM 15 AUGUST 2010 TO 13 NOVEMBER 2010
Ted Baker, the British designer brand is pleased to announce a 20.7% increase in
Group revenue for the 13 week period from 15 August 2010 to 13 November 2010
(the "period"), compared to the same period last year, with gross margins in
line with expectations.
Retail sales for the period were 8.6% above the same period last year and
average retail square footage rose by 6.9% over the period to 221,443 sq.ft.
(2009: 207,150 sq.ft.). Trading in the UK has continued to perform well and the
improved trend in our overseas markets, as reported at the time of our interim
results, has continued, albeit against stronger sales comparatives in the second
half of the financial year. As previously announced, we launched our US
transactional website in October and will be opening two new stores in the US at
the end of this month in Chicago and New York.
Wholesale sales for the period were 76.2% above the same period last year.
Whilst this was mainly due to the phasing of sales, the period also benefitted
from an improved performance in the UK, with the US wholesale business
continuing to perform well. We anticipate that the improvement in the UK will
result in wholesale sales for the full year being some 15% ahead of last year.
Our product and territorial licences have performed in line with expectations.
We have recently opened stores in Taiwan, Kuwait, Abu Dhabi and Sydney with our
respective partners in these territories and are encouraged by performance at
this early stage.
As always, the Group's results for the full year will be dependent on trading
during the key Christmas period. Whilst we are mindful of the wider macro
economic uncertainty we have been encouraged by trading in the second half of
the year, reflecting the strength of the Ted Baker brand and collections.
Commenting on trading, Ray Kelvin, Founder and Chief Executive, said:
"I am pleased by the Group's performance for the period with trading in our
overseas markets being particularly strong.
We continue to expand the Ted Baker brands in new and existing markets with new
store openings announced during the period and further stores planned to open in
Manchester, Paris and Hong Kong in 2011."
Analyst and Investor Event
The management of Ted Baker will be hosting an event for analysts and investors
in London on 24 November 2010. The event will be hosted by the Company's senior
management team and will consist of a series of presentations that will provide
valuable first-hand insight into the Ted Baker brand and its growing
international operations.
No new material information will be made available at the event, other than that
which is stated in this announcement.
+------------+---------------+
| Enquiries: | |
+------------+---------------+
| | |
+------------+---------------+
| Ted | Tel: |
| Baker | 020 725 4800 |
| PLC | |
+------------+---------------+
| Ray | |
| Kelvin, | |
| Chief | |
| Executive | |
+------------+---------------+
| Lindsay | |
| Page, | |
| Finance | |
| Director | |
+------------+---------------+
| | |
+------------+---------------+
| Hudson | Tel: |
| Sandler | 020 7796 4133 |
+------------+---------------+
| Michael | |
| Sandler | |
+------------+---------------+
| Kate | |
| Hough | |
| Alex | |
| Brennan | |
+------------+---------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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