Ted Baker narrows losses as return to the office and parties buoy recovery
The new figures come days after the company told shareholders it had picked its preferred suitor as part of a takeover battle.
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Your support makes all the difference.Ted Baker has cut its losses for the past year as the fashion brand said the return of parties and office work aided its sales recovery.
It hailed its recovery in a results update which was three hours later than planned after the company highlighted delays in the completion of its audit.
The new figures come days after Ted Baker told shareholders it had picked its preferred suitor as part of a takeover battle expected to value the company at more than £250 million.
On Thursday, Ted Baker said it delivered a pre-tax loss of £44.1 million for the year to January 29, compared with a £107.7 million loss in the year prior.
It said this was driven by 20.5% increase in revenues to £428.2 million as it benefited from the easing of pandemic restrictions in some countries.
The retailer, which has nearly 400 locations, said this was primarily driven by a 44.3% increase in online sales.
Ted Baker added that it saw a “pick-up” in demand for going-out clothing, while it also highlighted increased sales of formalwear and suits.
The group added that this positivity continued into the quarter to April, with total sales up 20% against levels from the same period last year.
Rachel Osborne, chief executive officer at Ted Baker, said: “That momentum has continued into the new year, supported by a steady return to the office and social events.
“While we remain mindful of what is a challenging macro environment, we are well positioned for growth.
“The positive response to our spring/summer 2022 collection and the recent launch of our new digital platform, supported by our strong brand, capital light strategy and well-established distribution channels, give us confidence in Ted Baker’s future.”
Shares in the business edged 0.2% higher on Thursday.