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Ted Baker cuts losses and improves sales during H1

Sophie Smith
11 November 2021

Ted Baker has announced its interim results, emphasising its return to growth and improving profitability in the 28 weeks ending 14 August 2021.

The premium fashion brand has revealed a year-on-year increase in group revenue of 17.6% to £199.3 million in the 28 week-period. However, in comparison to the same pre-pandemic period in 2019, revenue was down 36.4%.

While overall retail sales were up 23% to £433 million, the group's e-commerce sales were down 14.2% to £63.6 million. Ted Baker highlights its e-commerce sales performance was impacted by the brand's move away from last year's heavy promotional stance in order to re-establish premium positioning.

Additionally, Ted Baker's wholesale sales were up 40.6% to £55.5 million.

Reported losses before tax were -£25.3m down from -£86.4m a year ago.

Ted Baker said it was currently experiencing limited negative impact from the global supply chain disruptions or rising inflation. The group said it had a number of mitigation strategies to minimise the impact of further supply chain disruptions and cost inflation.

Rachel Osborne, CEO at Ted Baker, 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.

"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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