Ted Baker has reported that a 50% YOY increase in group revenues for the 16-week period from 25 April 2021 to 14 August 2021, as the company snapped back from the material negative impact of Covid-19.
Trading momentum continued to build through the period, with the last four-week exit rate for retail better than the overall Q2 performance for retail sales, which remained 30% below 2020 results.
Meanwhile, group e-commerce sales for the period decreased 25% as stores reopened and represented 39% of total retail sales (67%), which the retailer claimed reflected a “highly promotional” stance compared with last year.
As of 14 August 2021, net liquidity for the company was £105.8m comprising £15.8m of cash and £90m of bank facilities.
The group said it anticipates a similar trading pattern in the second half of the year as metro centres and travel retail recover more slowly than the group’s overall store estate.
Rachel Osborne, CEO, said: “We have made encouraging progress, with trading over the second quarter in line with expectations, albeit the speed of recovery is different across store locations and regions.
“Our transformation programme remains on track, and we have moved forward on the three key pillars of our plan in refreshing and re-energising the product and brand, prioritising digital and capital light growth and through our cost savings programme.”
She added: “Combined with our robust balance sheet and strong cash management we are well placed for the future. It is still early days in the recovery, but we are confident that Ted is starting to emerge from Covid a stronger and more resilient business.”