Ted Baker sees revenues increase amid stronger store sales
According to the retailer, this was led by ‘stronger in-store performance, partially offset by continued disruption from re-platforming adversely affecting our eCommerce sales’
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Ted Baker Group has revealed that its revenues for the 14-week period to 29 July 2022 was up 3.4% compared with Q2 FY22, but down 28.3% compared with Q2 FY20.
According to the retailer, this was led by “stronger in-store performance, partially offset by continued disruption from re-platforming adversely affecting our eCommerce sales”.
Store revenue was up 20.4% during the period (down approximately 23% on a like-for-like basis compared with Q2 FY20) led by increased footfall to Ted Baker locations as consumers returned to the high street.
E-commerce revenues decreased 13.2% (up approximately 4% compared with Q2 FY20) impacted by challenges following the launch of the new e-commerce platform alongside consumers returning to shop in stores.
Meanwhile, wholesale revenues decreased 14.1% (down 38.6% compared with Q2 FY20) reflecting what the retailer called a “strong prior comparative” as retail outlets restocked in Q2 FY22 following the ending of lockdown restrictions.
Licence revenue was up 62.3% (up 14.9% on Q2 FY20) as the increase in travel and footfall drove a strong performance across formalwear and childrenswear.
It added that as at 20 August 2022, net debt was £34m, with £46m of headroom on borrowing facilities ahead of the period of peak working capital investment from September to November 2022.
The company said it remains “mindful of the significant recent deterioration of the macro-economic environment, falling consumer confidence and continued volatility in the supply chain as we move towards Ted Baker’s event-led peak trading season”.
