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Ted Baker Sales Jump as Return-to-Office Wave Spurs Demand for Formal Wear

Shoppers walk past a Ted Baker store on Regents Street in London, Britain December 17, 2018. REUTERS/Simon Dawson
Shoppers walk past a Ted Baker store on Regents Street in London, Britain December 17, 2018. REUTERS/Simon Dawson
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Ted Baker Sales Jump as Return-to-Office Wave Spurs Demand for Formal Wear

Shoppers walk past a Ted Baker store on Regents Street in London, Britain December 17, 2018. REUTERS/Simon Dawson
Shoppers walk past a Ted Baker store on Regents Street in London, Britain December 17, 2018. REUTERS/Simon Dawson

British fashion chain Ted Baker reported higher sales and a smaller loss for the first half of the year on Thursday, as it navigates a bumpy recovery from the pandemic.

Demand for formal and occasion wear pushed group revenues up nearly 18% year-over-year in the 28 weeks to Aug. 14, the company said, as rising vaccinations in Europe and America drove many back to offices.

"Occasionwear has seen a strong pick-up across men's and women's collections," Chief Executive Rachel Osborne said in a statement, adding that sales of formal wear and suiting had also risen.

Osborne has been steering the upmarket retailer through a three-year turnaround strategy focused on cost cuts, refreshing its product range and boosting its online presence.

Group revenues were, however, still down 36% compared to pre-pandemic levels in 2019. Ted Baker said the pace of the recovery had been uneven as the pandemic continues to affect footfall at retail stores.

The company did not provide annual financial forecasts but said it was "comfortable" with analyst expectations for the current financial year.

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Zara Owner Inditex Reports Weaker Than Expected First-quarter Sales

A woman carries a bag from Spanish multinational retail clothing chain Zara, the flagship brand of the Inditex clothing company, in the Gran Via of Bilbao, Spain, March 12, 2024. (Reuters)
A woman carries a bag from Spanish multinational retail clothing chain Zara, the flagship brand of the Inditex clothing company, in the Gran Via of Bilbao, Spain, March 12, 2024. (Reuters)
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Zara Owner Inditex Reports Weaker Than Expected First-quarter Sales

A woman carries a bag from Spanish multinational retail clothing chain Zara, the flagship brand of the Inditex clothing company, in the Gran Via of Bilbao, Spain, March 12, 2024. (Reuters)
A woman carries a bag from Spanish multinational retail clothing chain Zara, the flagship brand of the Inditex clothing company, in the Gran Via of Bilbao, Spain, March 12, 2024. (Reuters)

Zara owner Inditex missed expectations for its first-quarter sales on Wednesday, adding to doubts about the ability of the fast-fashion retailer to keep delivering strong sales growth in an uncertain economic environment.

Inditex also reported a slower start to its summer sales, with revenue growth of 6% from May 1 to June 9, compared to a 12% growth in the same period a year ago, Reuters said.

The company reported revenues of 8.27 billion euros ($9.44 billion) for its first quarter ending April 30, missing analysts' average estimate of 8.36 billion euros, according to an LSEG poll.

Fears of resurgent inflation and an economic slowdown triggered by tariffs have already dampened consumers' enthusiasm for shopping in the United States and elsewhere.

Cooler weather in Spain, which accounts for 15% of Inditex's global sales, has also probably hurt the retailer's performance, according to Bernstein analysts.