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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 Sees Good Holiday Season after Weak Third Quarter

FILE PHOTO: People shop during the opening of a Zara store after fashion giant Inditex resumed its operations in Venezuela under a franchise agreement, in Caracas, Venezuela April 25, 2024. REUTERS/Leonardo Fernandez Viloria/File Photo
FILE PHOTO: People shop during the opening of a Zara store after fashion giant Inditex resumed its operations in Venezuela under a franchise agreement, in Caracas, Venezuela April 25, 2024. REUTERS/Leonardo Fernandez Viloria/File Photo
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Zara Owner Inditex Sees Good Holiday Season after Weak Third Quarter

FILE PHOTO: People shop during the opening of a Zara store after fashion giant Inditex resumed its operations in Venezuela under a franchise agreement, in Caracas, Venezuela April 25, 2024. REUTERS/Leonardo Fernandez Viloria/File Photo
FILE PHOTO: People shop during the opening of a Zara store after fashion giant Inditex resumed its operations in Venezuela under a franchise agreement, in Caracas, Venezuela April 25, 2024. REUTERS/Leonardo Fernandez Viloria/File Photo

Zara owner Inditex said the start of the holiday season had got off to a good start after it reported weaker than expected quarterly results as rainy weather hit some key European markets.
The company behind Zara and other brands said its sales rose a slower than expected 7% to 27.4 billion euros ($28.84 billion) during the period, below the 8% expected by analysts.
Its net profit of 4.44 billion euros for the first nine months of 2024, up 8.5% from a year earlier, was below analysts' average expectation of 4.52 billion euros.
The company however reported a better start of the holiday season, with revenues rising 9% during the six weeks to Dec. 9 as the world's biggest fast-fashion retailer kept drawing in shoppers even as rivals struggled.
Revenue growth in the period, which includes the key Black Friday sales, was slower than the 14% increase reported a year ago, though.
"We had a strong start to the last quarter against a demanding comparable in the same period of 2023," Inditex's capital market director, Marcos Lopez, told Reuters.
He stressed that in constant currency sales growth was 10.5% in the first nine months of the fiscal year and the growth in constant currency during the third quarter was the faster of the year.