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Ted Baker fourth-quarter sales rise 35%
StockMarketWire.com
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Fashion retailer Ted Baker said its fourth-quarter sales had risen by more than a third and that it was confirming its targets for the 2023 financial year.
In a trading update for the 12 weeks from 7 November to 29 January, Ted Baker said its sales had risen 35% year-on-year.
Still, compared to pre-pandemic levels, fourth-quarter retails sales were 10% down before Omicoron warnings, falling to 42% down during the Omicron surge, the company added.
Ted Baker said it was still targeting £30 million of free cash flow in the 2023 financial year and a core earnings margin of 7-10%.
'We continue to make good progress with our transformation and despite the impact of Omicron on the quarter, were pleased to deliver group sales up 35% compared with last year,' chief executive Rachel Osborne said.
'The strong improvement in trading margin is encouraging, along with the increase in full price sales mix, demonstrating the progress we're making as Ted re-establishes its premium brand positioning.'
'Our product is resonating with customers and we were particularly pleased with the performance of womenswear, with bags, footwear and tops all selling well, and a strong initial reaction to the Spring/Summer 2022 collection.'
Story provided by StockMarketWire.com
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