Ted Baker back to growth but not to profit
By Richard Wright | 11th November 2021
Luxury clothing retailer Ted Baker - with a store at Gloucester Quays and an outlet at Cheltenham John Lewis - has returned to growth but not to profit.
Sales were up 17.6 per cent at £199.3 million for the first half year, compared to £169.5 million last year. But that is still down more than a third on 2019.
The retailer made a pre-tax loss for the period to the 14th August of £25.3 million, but this was a 71 percent improvement on last year.
Rachel Osborne, Chief Executive Officer, said: "It has been a hugely challenging first half for everyone at Ted."
But she added that they had achieved a 'turnaround'.
She 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."
The Group reports limited negative impact from the global supply chain disruptions or rising inflation.
Retail sales including eCommerce were up 10.4% to £136.9m while eCommerce sales were down on last year by 14.2%.
The retailer is midway through a three-year strategic transformation programme launched in June 2020 aimed at refreshing and re-energising the product and brand and prioritising digital growth.
The new eCommerce platform is on track for a delivery date in early 2022.
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