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.
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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
-
Regulator moves to protect access to cash amid branch closures and disappearing ATMs
News The Financial Conduct Authority has told banks to start assessing if local communities have adequate cash access from mid-September
By Marc Shoffman Published
-
VAT hike on private school fees could come earlier than previously expected
The government could start charging VAT on private school fees as soon as January 2025, according to the latest reports. What does it mean for parents?
By Katie Williams Published