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The tumbleweed that has been blowing down Britain's High Streets has not been of any help to fashion brand Ted Baker.
The designer brand today admitted its retail sales have stalled while its sales of its goods to other retailers has dived.
Reporting for the 19 weeks to last Saturday, Ted Baker said retail sales were up 15.2% but that is on selling space 17.1% higher than a year ago.
"Our performance in the UK has been better than anticipated although trading conditions in our overseas markets remain challenging," the company said.
However, wholesale has dived 15.7% in the same period. "The current economic environment is resulting in difficult trading conditions for some of our wholesale customers," the fashion company added.
Founder and chief executive Ray Kelvin said Ted Baker should hit its profit forecasts for the year but warned that with the balance of sales in its business switching away from wholesale, much of that profit will come in the second half of the year.
Kelvin said: "The economic environment remains uncertain but we remain confident.
"We will continue to invest carefully in the development of the brand where appropriate to support long-term growth."
