Sales at designer clothing group Ted Baker jumped in the run up to Christmas, it emerged today, as trendy shoppers splashed out on new clothes.
Ted Baker, which designs and sells clothes for men and women, said sales were up by 24.7% in the period from 1 November to 24 December.
Finance director Lindsay Page said strong demand for the men’s and women’s casual collections led to the improvement.
But like many retailers, the group also benefited from buoyant consumer demand over the festive period as shoppers flocked to the high street in droves. And Page added: “Being quite a niche retailer, we are protected because if you have got the right collection, you will do well regardless.”
The retailer also said stock levels were in line with expectations, and the group would start the new season “with a clean stock position”. But Ted Baker added that while retail gross margins had improved since the first half, they remained “slightly below” the previous year as a consequence of an increase in stores.
The group currently has 18 shops, with a further five outlets selling collections from the previous season and around 30 concessions in department stores including House of Fraser and Selfridges.
It also has a store in New York, in SoHo, which was shut for around four days immediately after the 11 September atrocities.
Page said: “The store did quite well in the circumstances and was slightly up on the previous year.”
Last year, demand for Ted Baker’s womenswear collection contributed to a 19% rise in half-year pre-tax profits to £2.5m on turnover of £27.8m.
For the full year to 26 January, Ted Baker is forecast to post pre-tax profits of £9.7m, an improvement on the previous year’s figure of £8.2m.
London-based Ted Baker, which came to market in 1997 and does not disclose underlying figures, is due to report on 26 March.
EGi News 14/01/02
