THE RETAIL BULLETIN - The home of retail news
Home Page
News Categories
Christmas Ads
Commentary
Department Stores
Electricals & Technology
Entertainment
Fashion
Food & Drink
General Merchandise
Grocery
Health & Beauty
Home & DIY
Interviews
Property
Retail News
Retail Solutions
Shopping Centres, High Streets & Retail Parks
Sports & Leisure
Retail Events
THE Retail Conference 2022
Retail Women In Leadership 2022
Digital Transformation Strategy 2022 Part 2
Omni Channel Futures 2023
Upcoming Retail Events
Past Retail Events
Retail Insights
Retail Solutions
Advertise
About
Contact
Subscribe for free
Terms and Policies
Privacy Policy
Ted Baker hails ‘snap back’ in second quarter

Fashion retailer Ted Baker has said sales were in line with expectations in its second quarter, although the ongoing coronavirus pandemic has led to different speeds… View Article

FASHION

Ted Baker hails ‘snap back’ in second quarter

Fashion retailer Ted Baker has said sales were in line with expectations in its second quarter, although the ongoing coronavirus pandemic has led to different speeds of recovery across its key markets.

In the 16 weeks to 14 August, group revenue rose by 50% year-on-year after the retailer “snapped back” from the negative impact of Covid-19 and trading momentum continued to build throughout the period. In addition, reported retail sales increased by 30% compared to the same period last year, but were 30% below the second quarter of 2019.

Rachel Osborne, Ted Baker chief executive, said: “We have made encouraging progress, with trading over the second quarter in line with expectations, albeit the speed of recovery is different across store locations and regions. Full price sales mix has significantly improved across all our retail channels as we continue to re-establish our premium lifestyle brand positioning.  

“Our transformation programme remains on track, and we have moved forward on the three key pillars of our plan in refreshing and re-energising the product and brand, prioritising digital and capital light growth and through our cost savings programme.”

Looking at store sales, these increased by 142% on last year, but were down 45% on the same period in 2019. Ted Baker said footfall remains below prior levels and continues to be stronger in out-of-town and regional locations where it operates smaller stores. It now expects its metro centre and travel retail stores to recover more slowly than the rest of its store estate due to the lack of international tourists and the still limited return to offices in the UK and other markets.

Meanwhile, ecommerce sales decreased by 25% and represented 39% of total retail sales compared to 67% in the same period a year ago. This was a reflection of the company’s highly promotional stance last year.

During the period, the company opened two new short-term lease stores in Bromley and Exeter.

Ted Baker said its new autumn/winter collections have been well received by customers with encouraging early sales.

Looking ahead, Osborne added: “The Ted Baker brand remains strong, evidenced by YouGov’s recognition of Ted Baker as the second most popular luxury brand in the UK. Combined with our robust balance sheet and strong cash management we are well placed for the future.  It is still early days in the recovery, but we are confident that Ted is starting to emerge from Covid a stronger and more resilient business.”

 

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

THE NEXT EVENT

See all upcoming events

LATEST VIDEO

UKG LifeWork ALL: Register your place now to hear more. RETAIL HR 21 Sept LONDON
UKG LifeWork ALL: Register your place now to hear more. RETAIL HR 21 Sept LONDON

Watch video >