Ted Baker has reported “resilient trading” despite the impact of the coronavirus pandemic and is encouraged by progress on its transformation plan.
The fashion retailer posted a year-on-year fall in retail sales of 50% to £51m. In stores, revenues plunged 79% to £15.8m, but online was ahead 35% to £35.2m. Group revenue declined 55% to £60.9m.
The performance, covering 11 weeks to July 18, was better than the base case scenario set out by the retailer in June. Ted Baker said it reflected “a more dynamic trading stance since the beginning of the year, reflecting more sophisticated cross-category merchandising, refreshed social media activity and increased marketing spend”.
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