Ted Baker revenues slump 55%

Fashion retailer Ted Baker has seen its group revenues slump by 55% to £60.9m during the 11 week period ended 18 July.

Further to this, store revenue also decreased 79% to £15.8m, with sales performance impacted by store closures globally. Additionally, like-for-like store sales were down 52% compared with the same period last year.

However, e-commerce sales increased 35% and represented 69% of total retail sales compared with last year.

The news follows reports of the fashion retailer being set to axe almost 500 head office and retail jobs.

According to the Sunday Times, some 200 jobs will be cut at its London headquarters, the Ugly Brown Building, with the remaining 300 roles being slashed across its 46 stores and concessions.

The move forms part of a £6m cost cutting measure.

CEO Rachel Osborne 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.”

She 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.”