THE RETAIL BULLETIN - The home of retail news
Click here
Home Page
News Categories
Commentary
CX
Department Stores
Desert Island Stores
Electricals and Tech
Entertainment
Fashion
Food and Drink
General Merchandise
Grocery
Health and Beauty
Home and DIY
Interviews
People Matter
Retail Business Strategy
Property
Retail Solutions
Electricals & Technology
Sports and Leisure
TRB conference review
Christmas Ads
Shopping Centres, High Streets & Retail Parks
Uncategorized
Retail Events
People in Retail Awards 2024
Retail Ecom North
Retail HR North 2025
Retail Omnichannel Futures 2025
Retail HR Central 2025
The Future of The High Street 2025
Retail Ecom Central
Upcoming Retail Events
Past Retail Events
Retail Insights
Retail Solutions
Advertise
About
Contact
Subscribe for free
Terms and Policies
Privacy Policy
Ted Baker reports ‘resilient’ trading

Fashion retailer Ted Baker has described its trading as resilient in the 11 weeks to 18 July after it benefited from a particularly strong performance online. The… View Article

FASHION RETAIL NEWS UK

Ted Baker reports ‘resilient’ trading

Fashion retailer Ted Baker has described its trading as resilient in the 11 weeks to 18 July after it benefited from a particularly strong performance online.

The company said group revenue was down 55% to £60.9 million in the period as in-store sales dropped by 79% to £15.8 million due to its shops being closed during the Covid-19 lockdown. In contrast, online sales surged by 35% to £35.2 million which Ted Baker retailer said was significantly ahead of expectations.

The company is currently working its way through a transformation plan and this year has introduced more sophisticated cross-category merchandising and increased its social media engagement and marketing spend.

Rachel Osborne, Ted Baker chief executive, said: I am pleased with the early progress we have made in driving operational excellence and cost efficiencies since the launch of Ted’s Formula for Growth in June.  Our customers are engaging with the brand and responding to our Covid-19 promotional activity, as evidenced by our resilient trading over the past 11 weeks.”

As of 18 July 2020, 95% of the company’s store estate was open across the world. It said like-for-like store sales declined by 50% year-on-year in the last four weeks of the trading period, although online trading has remained significantly ahead of expectations.

Osborne added: “Our performance is encouraging, but I caution that it is still early days, and we have a substantial amount of work to do over the next 12 months against a backdrop of significant uncertainty in the world.  However, the brand has an exciting future, and I am looking forward with cautious optimism that the initiatives currently underway across all areas of the business will bear fruit over the next 12 months.”

 

Subscribe For Retail News