Ted Baker PLC Trading Update (4033P)

TIDMTED

RNS Number : 4033P

Ted Baker PLC

17 November 2016

17 November 2016

Ted Baker Plc

("Ted Baker" or the "Group")

Trading Update

For the 13 week period from 14 August 2016 to 12 November 2016

"Good performance despite challenging trading conditions"

Ted Baker, the global lifestyle brand, is pleased to announce a 14.8% increase in Group revenue for the 13 week period from 14 August 2016 to 12 November 2016 (the "period"), compared to the same period last year.

Retail sales for the period increased by 15.4% (6.7% in constant currency), despite on-going external factors, as highlighted in our interim results, continuing to impact trading across our markets. E-commerce sales increased by 30.3% (25.9% in constant currency) and represented 15.6% of total retail sales. Average retail square footage rose by 8.8% to 383,330 sq.ft (2015: 352,382 sq.ft). Our international expansion continued with successful openings in Atlanta, Miami and Calgary, and further concession openings in premium department stores in China, Germany, Japan and Spain. We also successfully relocated our New York Soho store and one of our Hong Kong stores.

Wholesale sales for the period increased 13.2% (6.7% in constant currency) reflecting good performances from both our UK and North American businesses. As previously indicated, we anticipate low double-digit wholesale sales growth (in constant currency) for the full year.

Both retail and wholesale gross margins were in line with our expectations.

Our product and territorial licensees continue to perform well with licensed store openings in Dubai, South Africa and Mexico.

The Board remains confident of making further progress for the full year, however, as ever, the full year outcome will be dependent on trading during the important Christmas period.

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

"The brand continues to perform well despite challenging trading conditions and we remain focused on the long-term development of Ted Baker as a global lifestyle brand. Our continued growth and development reflects the strength of the brand, our business model and our unwavering focus on product quality and design, underpinned by the skill, innovation and passion of our teams globally.

The reaction to our collections has been very encouraging, however, the Group's full year results will, as always, be dependent on trading conditions over the important Christmas period."

Ted Baker intends to make its next trading statement covering the period from 13 November 2016 to 7 January 2016 in mid-January 2017.

This announcement contains inside information.

 
 Ted Baker                             Tel: +44 (0) 
                                       20 7255 4800 
 Ray Kelvin CBE, Founder & Chief 
  Executive 
 Lindsay Page, Chief Operating 
  Officer & Group Finance Director 
 Charles Anderson, Finance Director 
  & Company Secretary 
 
 Hudson Sandler                        Tel: +44 (0) 
                                       20 7796 4133 
 Alex Brennan / Michael Sandler 
  / Fern Duncan 
 

Enquiries and further information:

www.tedbaker.com

www.tedbakerplc.com

Media images available for download at:

www.tedbakerplc.com/ted/en/mediacentre/imagelibrary

Cautionary statement regarding forward-looking statements

This announcement contains certain forward-looking statements. These forward-looking statements include matters that are not historical facts or are statements regarding the Group's intentions, beliefs or current expectations concerning, among other things, the Group's results of operations, financial condition, liquidity, prospects, growth, strategies, and the industries in which the Group operates.

Forward-looking statements are based on the information available to the Directors at the time of preparation of this announcement, and will not be updated during the year. The Directors can give no assurance that these expectations will prove to have been correct. Due to inherent uncertainties, including both economic and business risk factors underlying such forward looking information, actual results may differ materially from those expressed or implied by these forward-looking statements.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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November 17, 2016 02:01 ET (07:01 GMT)