E-commerce sales increased by 35.0% (36.4% in constant currency) and represented 30.1% of total retail sales. Average retail square footage rose by 5.9% to 409,226 sq.ft (2016: 386,252 sq.ft) and the Group's expansion continued with the opening of a new store in Montreal, further concession openings in Germany and Spain and with our licence partners, an additional store in each of Malaysia, Mexico and Qatar.
Gross margins were in line with our expectations and we expect to end the year with a clean stock position.
We intend to announce our Annual Results for the 52 weeks ending 27 January 2018 on 22 March 2018 and the Board anticipates that results will be in line with its 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.”