// Ted Baker reports narrowing losses and a jump in group revenues
// CEO Rachel Osborne hailed the retailer’s transformation plan for turning the business around
Ted Baker has reported high sales and a jump in group revenues as it navigates a bumpy recovery from the pandemic.
Demand for formal and occasion wear pushed group revenues up nearly 18 per cent year-over-year in the 28 weeks to August 14th, the retailer said, as rising vaccinations in Europe and America drove many back to offices.
“Occasionwear has seen a strong pick-up across men’s and women’s collections,” chief executive Rachel Osborne said in a statement, adding that sales of formal wear and suiting had also risen.
Ms Osborne has been currently guiding the retailer through a three-year turnaround strategy focused on cost cuts, refreshing its product range and boosting its online presence.
Group revenues were, however, still down 36 per cent compared to pre-pandemic levels in 2019.
Ted Baker said the pace of the recovery had been uneven as the pandemic continues to affect footfall at retail stores.
The company did not provide annual financial forecasts but said it was “comfortable” with analyst expectations for the current financial year.