Yahoo Finance Return to office and social events help Ted Baker on path back to profit
A rebound in office and party wear sales has helped Ted Baker edge back closer to profitability.
The fashion firm saw shares move higher after it said the relaxation of Covid-19 restrictions helped to buoy sales across its 377 stores and concessions.
Chief executive Rachel Osborne said the business is delivering against its transformation plans and has made “big strides” in its efforts to return to profit.
Ted Baker told investors on Thursday that it posted a £25.3 million pre-tax loss for the 28-week period to August 14, compared with a £86.4 million loss for the same period last year.
It said its group revenues for the period increased by 17.6% to £199.3 million, although they remained more than a third below pre-pandemic levels.
I remain confident that our turnaround of this great global lifestyle brand is on course and that Ted will emerge as a stronger business
Rachel Osborne, chief executive
Meanwhile, the group said sales for the current quarter have been up 18% amid 34% growth across its retail stores.
The return to office and social activities has also helped to drive increasing demand for formal and occasion wear, the company added.
Ms Osborne 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.”
Shares were up 1.6% at 138.9p on Thursday morning.
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