Ted Baker sales slump 55%; says performance 'resilient' amid online growth

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Fashion retailer Ted Baker said its revenue had slumped 55% after it closed stores during the Covid-19 pandemic.

Revenue for the 11 weeks from 3 Mayto 18 July dropped to £60.9m, thanks to a 79% slump in retail store revenue that was at least partially offset by 34% growth in online sales.

Ted Baker described the performance as 'resilient', while noting the stronger-than-expected online performance.

Net cash as of July 11 was £56.7m, which it said was ahead of management expectations due to 'strong cash management'.

Chief executive Rachel Osborne said she was pleased with early progress have made since the company revamped its strategy.

'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,' she said.

'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.'