Jan 11, 2010
Ted Baker says Christmas trade beat view
Jan 11, 2010
LONDON (Reuters) - Designer brand Ted Baker (TBK.L) posted a performance in the run-up to Christmas that exceeded internal expectations and said it was well placed for 2010 despite the uncertain macro economic outlook.
Ted Baker, which has operations in the UK, United States, continental Europe, the Middle East and Asia, said retail sales increased 19.1 percent in the period from November 1 to December 24.
Gross margins rose 2.5 percent, reflecting lower promotional activity.
"The UK continued to perform ahead of expectations during the period demonstrating the strength of our innovative product design. Outside of the UK there were some improvements in performance, although trading conditions remain mixed," said the firm.
It said the trends seen during the period continued into the new year, with trading in the post Christmas sale "strong."
Prior to Friday (8 January)'s update analysts were forecasting a consensus pretax profit of about 19.1 million pounds for the year to end-January 2010, according to Thomson Reuters I/B/E/S, versus 19.6 million pounds in the previous year.
Before Friday (8 January)'s update, shares in Ted Baker had increased by 56 percent over the last year, compared with a rise of 68 percent in the general retailers index .FTASX5370.
The stock closed on Thursday 7 January at 505 pence, valuing the business at 210 million pounds.
(Reporting by James Davey, editing by Paul Sandle)
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