Fashion retailer Ted Baker (LON:TED) defied recent high street gloom in its half year results on Tuesday, despite unseasonal weather throughout the period.
Revenue rose 4.2 percent in the half year to June 2018, despite the Beast from the East in the UK and severe storms in the US dampening footfall.
For the 19 weeks from 28 January to 9 June, Ted Baker saw sales grow by 7.5 percent in constant currency terms, with total retail sales, including e-commerce, increasing by 0.7 percent. Wholesale sales for the period increased by 14.2 percent.
“This performance was achieved despite the impact of unseasonal weather across Europe and the East Coast of America in the early part of the period and, as previously reported, external trading conditions remaining challenging across many of our global markets”, the company said.
Average retail square footage rose by 5.7 percent to 420,799 square feet, and both retail and wholesale gross margins came in in line with expectations.
Ray Kelvin CBE, founder and chief executive, said: “We have made significant investment in our flexible business model to ensure that the Ted customer has multiple channels to engage with the brand.”
Shares in Ted Baker fell however after the group warned on external trading conditions. Shares are currently trading down 2.18 percent at 2,334.00 (0830GMT).
