British clothing brand Ted Baker (LON:TED) saw shares rise over 8 percent on Wednesday, after a trading update confirmed the group’s “good performance over the Christmas period”.
Retail sales increased by 9 percent in the eight week period from 12th November 2017 to the 6th January 2018, compared to the same period last year, with e-commerce sales up by 35 percent. Online sales made up 30.1 percent of total retail sales, with gross margins finishing in line with expectations.
Commenting on trading, Ray Kelvin CBE, Founder and Chief Executive said:
“The Ted Baker brand has continued to perform in line with expectations over the Christmas period, delivering a good retail performance driven by particularly strong growth from e-commerce, which is an increasingly important part of our retail business. This pleasing result reflects the strength of the brand and the quality of our collections as well as the hard work, skill and commitment of our teams.
Whilst external trading conditions are expected to remain challenging in the year ahead, the strength of our brand and business model means that we remain well positioned to continue the long-term development of Ted Baker as a global lifestyle brand.”
Shares are currently trading up 7.83 percent at 3,058.00 (1045GMT).