Ted Baker PLC Trading Update (8769H)

TIDMTED

RNS Number : 8769H

Ted Baker PLC

13 June 2017

13 June 2017

Ted Baker Plc

("Ted Baker" or the "Group")

Trading Update

For the 19 week period from 29 January 2017 to 10 June 2017

"Positioned for further progress and to meet full year expectations"

Ted Baker, the global lifestyle brand, is pleased to announce a 14.2% increase in Group revenue for the 19 week period from 29 January 2017 to 10 June 2017 (the "period"), compared to the same period last year.

Total retail sales for the period increased by 14.3% (8.4% in constant currency), despite external factors continuing to impact trading conditions across some of our global markets. Our e-commerce business has continued to perform well with sales increasing 35.9% (32.3% in constant currency) reflecting continued growth across our e-commerce sites as well as the strength of our retail proposition. Average retail square footage rose by 4.9% to 398,000 sq.ft (2016: 379,254 sq.ft).

The global expansion of the brand continued with successful openings in Los Angeles, Paris, and Shanghai, our first Dutch outlet in Roermond and further concession openings in premium department stores in France, Germany, Japan, South Korea, the Netherlands and the UK. We also successfully relocated our Miami Aventura and Tokyo stores.

Wholesale sales for the period increased 13.8% (8.9% in constant currency) reflecting good performances from both our UK and North American businesses. We continue to anticipate achieving high single digit growth (in constant currency) in the wholesale business 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, reflecting the global strength and appeal of the brand with licensed store openings in Dubai, Kuwait and Mexico.

The Group is positioned to meet the Board's expectations for the full year despite the current uncertain macro environment. We intend to announce our interim results for the 28 weeks ending 12 August 2017 in early October 2017.

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

"This continued good performance across all of our distribution channels is a reflection of the strength and appeal of Ted Baker as a global lifestyle brand. The continued expansion of the brand remains underpinned by an unwavering focus on quality and attention to detail as well as the passion, skill and Tedication of our team.

We are very pleased with the customer response during the period and, despite an uncertain macro environment, we remain positioned to deliver further progress and our expectations for the full year."

This announcement contains inside information. The person responsible for arranging the release of this announcement on behalf of the Company is Charles Anderson, Finance Director & Company Secretary.

 
 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 
  Hattie O'Reilly 
  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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June 13, 2017 02:01 ET (06:01 GMT)