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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… View Article

FASHION

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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