Ted Baker has suffered a 50 per cent year-on-year drop in its sales for the 11 weeks to July 18. Store sales fell by 79 per cent to £15.8 million with online gaining 35 per cent to reach £35.2 million. In March, of course, Ted Baker like retailers had closed its stores in Europe, the US and the UK in response to lockdown orders.
As lockdown rules eased, stores have gradually re-opened with some 95 per cent of all outlets open by July 18th.
“I am pleased with the early progress we have made in driving operational excellence and cost efficiencies since the launch of Ted’s Formula for Growth in June,” said Rachel Osborne, CEO. “Our customers are engaging with the brand and responding to our Covid-19 promotional activity, as evidenced by our resilient trading over the past 11 weeks.”
The retailer is pressing ahead with its plans to cut 500 jobs, 200 of them at head office.
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