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Ted Baker has revealed that its pre-tax losses have narrowed to £25.3m for the 28 weeks ended 14 August 2021 from £86.4m the previous year.
The narrowing was boosted by “strong” retail sales with group revenue growing to £199.3m from £169.5m in 2020.
Retail sales including e-commerce were up 10.4% to £136.9m whilst wholesale sales grew 40.6% to £55.5m reflecting returning confidence in Ted products.
Meanwhile, Ted Baker womenswear sales increased by 13.9% to £124.5m and represented 64.7% of total sales. The menswear sales rose by 25.4% to £67.9m from £54.2m and represented 35.3% of total sales.
Rachel Osborne, CEO, Ted Baker, said: “I’m pleased with the continued progress we’re making, as we return to revenue growth, and make big strides back towards profitability. The brand remains healthy, delivering a stronger full price mix alongside encouraging early reactions to the new collection.
“The pandemic continues to impact the global retail environment, yet despite this we are delivering against our transformation plan. I remain confident that our turnaround of this great global lifestyle brand is on course and that Ted will emerge as a stronger business.”
