Holiday cheer for Ted Baker as e-commerce grows
Written by Hannah McGrath
Fashion retailer Ted Baker has reported an 18.7 per cent rise in online sales during the crucial Christmas period, driving up overall sales by 12.2 per cent year-on-year.
Growth at the retailer for the five weeks to 5 January comes as the company continues its investigation into allegations made against founder Ray Kelvin and an alleged culture of “forced hugging” at the company in the run up to Christmas.
Online sales, which accounted for 25.7 per cent of total retail sales, were up from the 24.3 per cent share of total shares during the same period in 2017.
Ted Baker also bucked the trend for diminishing retail space in 2018, with sales in the period boosted by its average retail square footage growing five per cent year-on-year to 429,576 sq ft.
Chief executive Lindsay Page said: “Ted Baker brand has delivered a good performance across both our stores and e-commerce business, despite the continuing challenging external trading conditions across our markets.”
The trading update also noted that against a backdrop of increased promotional activity, gross margins remained in line with expectations for the full year.