Ted Baker is enjoying rebounding sales and has cut its losses by 70 per cent, with the clothing chain looking to revive its fortunes as pandemic restrictions ease.
Brand sales are up 23 per cent to £433m year-on-year, retail sales have grown 10.4 per cent to £136.9m during the same period, and overall losses have fallen from £86.4m to £25.3m.
The retailer is even reporting a 17.6 per cent increase in group revenues, with consumers embracing office and party wear again.
It might be too soon though for the fashion brand to let the good times roll, as revenues remain 36 per cent below 2019’s pre-pandemic figures, while losses are 10 per cent higher.
Its online sales are also down 14.2 per cent on last year to £63.3m, with the company reducing marketing and people returning to stores.
However, online shopping has still grown 22 per cent compared to pre-Covid levels.
It is not providing guidance for the current financial year, as the board is comfortable with market consensus.
Ted Baker’s shares have fallen 4.83 per cent following the results with the firm trading at 130.10 on the FTSE All-Share.
This suggests some uncertainty over its return to pre-pandemic levels of trading.
CEO Rachel Osborne said: “I remain confident that our turnaround of this great global lifestyle brand is on course and that Ted Baker will emerge as a stronger business.”