Ted Baker sales jump as Chairman exits

Designer brand Ted Baker announced a solid rise in sales over the festive period as Non Executive Chairman Robert Breare confirmed he will step down after more than 11 years in the role.

David Bernstein, currently Senior Independent Non Executive Director, will succeed Breare with immediate effect.

Ted Baker reported a 20.9% increase in retail sales for the 8-week period from November 11th 2012 to January 5th 2013, compared to the same period last year.

Average retail square footage rose by 13.9% over the period to 273,340sq. ft.

Gross margins were in line with expectations and it expects to end the season with a clean stock position. It said there was no significant promotional activity pre-Christmas.

Founder and Chief Executive Ray Kelvin commented: "The group has delivered a good result over the Christmas period. We were pleased by the performance in markets where the brand is established and continue to build brand awareness in our newer markets, where we are investing for the longer term."

"We remain focussed on the continued development of the brand globally with further store openings planned in Shanghai, China in the first half of 2013."

CJ