Fashion retailer Ted Baker reported higher sales in the holiday period, boosted by a surge in online demand and said it was "business as usual" at the brand as an investigation into reports related to the conduct of its founder continue.
Ted Baker’s shares, which fell more than 40 per cent in 2018, rose more than 10 per cent to 1,779 pence on Wednesday, taking them to the top of London’s midcap index.
The company, which has more than 500 stores and concessions globally, said retail sales for the five weeks to January 5th rose 12.2 per cent. E-commerce sales jumped 18.7 per cent to make up more than a quarter of retail sales.
The company had a rough 2018, with lower wholesale sales and broader retail sluggishness hampering it as consumers clamped down on spending. It was also hit by a long and harsh winter in Europe and North America, followed by an unusually hot summer.
In December, chief executive and founder Ray Kelvin decided to take a voluntary leave of absence while allegations about his conduct, related in part to his habit of hugging business colleagues, were investigated.
Page said the company had “many” contingency plans for Brexit, but did not provide details.
He added that Ted Baker did not need to stockpile in the run up to March as inventory for its spring and summer lines flow in between December and February, with winter material coming in after June.
- Reuters
