A year long sale has seen Ted Baker revenue go up by 50 per cent
By Sophie Ladd | 7th September 2021
Designer brand Ted Baker, which has a store in Gloucester Quays has announced a 50 per cent increase in revenues in the last quarter. As with many retailers, the company has been trying to bounce back from the coronavirus pandemic.
The company spent a lot of the last 18 months discounting its stock in an effort to entice customers to buy formal-wear, which is most of what it sells.
But, in the quarter to August 14, it moved back to full price sales which helped its revenue increase.
Plans for the company to have a new website have been pushed back to 2022 amid technical problems. This setback, and a decrease in online sales due to the price rises are not expected to affect the company's upcoming Christmas sales.
Out of town stores have fared better than those on the high street.
However, overall store sales remain 45 per cent lower than pre-pandemic in 2019.
CEO Rachel Osbourne 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."
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