The British luxury clothing retail company has announced that trading has been resilient in the 11 weeks to 18 July.
The business has explained that they benefitted greatly from a strong online performance. This was announced alongside the company saying that group revenue was down 55 per cent to £60.9M in the period as in-store sales fell by 79 per cent to £15.8M. The main factor behind this was of course the closure of the stores being closed because of the coronavirus.
At the present Ted Baker is navigating its way through a transformation plan and this year has introduced more sophisticated cross-category merchandising and increased its social media engagement and marketing spend.
Rachel Osborne, Ted Baker Chief Executive, said: “I am pleased with the early progress we have made in driving operational excellence and cost efficiencies since the launch of Ted’s Formula for Growth in June. Our customers are engaging with the brand and responding to our Covid-19 promotional activity, as evidenced by our resilient trading over the past 11 weeks.”
