Ted Baker increases revenue and cuts losses
Ted Baker has increased its half year revenue and cut its losses after it experienced a pick-up in customer demand for occasion wear.
During the 28 weeks to 14 August, the retailer put in a strong performance across its womenswear accessories and footwear categories. Men’s footwear also performed well as customers responded well to new products.
This helped group revenue to climb by 17.6% to £199.3 million as retail and wholesale sales rose by 10.4% and 40.6% respectively.
Meanwhile, the retailer reduced its loss by 70.7% to £25.3 million in the period.
Rachel Osborne, Ted Baker chief executive, said: “I’m pleased with the continued progress we’re making, as we return to revenue growth, and make big strides back towards profitability. The brand remains healthy, delivering a stronger full price mix alongside encouraging early reactions to the new collection.”
Giving an update on its third quarter, Ted Baker said group revenue was up 18% in the 12 weeks to 6 November due to the recovery in its retail store, wholesale and licencing channels.
Osborne added: “The pandemic continues to impact the global retail environment, yet despite this we are delivering against our transformation plan. I remain confident that our turnaround of this great global lifestyle brand is on course and that Ted will emerge as a stronger business.”
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