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

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

Thursday, 11 November, 2021 - 08:00
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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