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Clothing & ShoesEconomy

Ted Baker announces 12% Christmas sales rise

Ted Baker has announced a 12.2% retail sales rise for the five weeks leading up to 5 January 2019.

The fashion label said it had achieved the positive figures despite “a backdrop of increased promotional activity”. The brand said it had also seen an increase in e-commerce sales of 18.7% with it now representing 25.7% of the group’s retail sales.

Ted Baker, which owns over 500 stores and concessions across the UK, said “gross margins remain in line with our expectations for the full year” and said it expects to end the financial year with a clean stock position.

Lindsay Page, acting CEO at Ted Baker, said: “The 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. This result again reflects the strength of the brand and the quality of our collections.

“I would like to take this opportunity to thank our teams for their outstanding enthusiasm, skill and commitment throughout this key period and our global partners for their continued support.”

The company also commented on the ongoing investigation by law firm Herbert Smith Freehills LLP into harassment allegations made against CEO Ray Kelvin. Ted Baker said: “The work of the independent external investigation conducted by Herbert Smith Freehills LLP in respect of the recent media reports and petition is progressing and a further update will be made in due course.”

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