British fashion label Ted Baker saw its turnover grow 11.3 % in the period between 31 January and 11 June 2016, thanks to increased demand, international expansion and online growth.
Online turnover up by a third
The company’s retail turnover grew 12.7 % in the same timeframe (and + 10.3 % if exchange rates had remained stable), mainly thanks to new store openings. Its store space grew 9.7 % to slightly more than 35,000 sqm, with store openings in Beijing, Ottawa and Seattle.
Online turnover grew 32.3 %, mainly thanks to its first localized web shop in Germany. Wholesale activities grew 7.3 %, with mainly good North American progress. Growth in the United Kingdom was lower, because of several shipping issues.
Shift in fiscal year
“These results demonstrate the strengths of the brand. We are very pleased with the response from our customers over this period and remain well positioned to deliver our expectations for the full year”, Ted Baker founder and CEO, Ray Kelvin, said.
Ted Baker’s results refer to a 19-week period because of a shift in its fiscal year. The previous fiscal year would have ended on 30 January 2016, but its new fiscal year only started on 12 June 2016.
