Ted Baker Asia sales slip
Ted Baker Asia sales slipped in the 28 weeks to August as the UK brand trimmed its store network in Hong kong and Mainland China.
According to its latest results filing, Ted Baker Asia sales fell 1.8 per cent in real terms, however in constant currency they rose 1.8 per cent, to £11.2 million.
Sales per square foot excluding e-commerce sales decreased 4.4 per cent.
“We continue to refine and develop our strategy for success in Asia,” said chairman David Bernstein.
In China, Ted Baker closed one store, one concession and one outlet store. It closed another store in Hong Kong.
But Bernstein said the company’s e-commerce concession businesses in China and Japan performed well with sales of £1.7 million (up by £600,000 compared with last year) which expressed as a percentage of total Ted Baker Asia retail sales came to 15.2 per cent.
In Asia, Ted Baker licensees opened new stores in India, Malaysia, Singapore and Taiwan during the period.
Globally, Ted Baker retail sales, including e-commerce, rose 1.1 per cent to £220.1million. Group revenue, including licensing, rose 3.5 per cent to £306 million.
“Ted Baker has continued to develop and expand as a global lifestyle brand across its markets and distribution channels despite challenging external trading conditions,” said founder and CEO Ray Kelvin. “This continued growth is testament to the strength of the Ted Baker brand, the design and quality of our collections as well as the dedication and talent of our teams.
“Whilst we believe that the second half of the year will remain challenging due to external factors, we are well positioned to continue Ted Baker’s long-term development. Our flexible business model ensures that our customer has multiple channels to engage with Ted Baker and our global e-commerce business continues to expand, supported by our digital marketing strategy and unique stores that showcase the brand.”