Salem Radio Network News Friday, October 22, 2021

Business

Ted Baker sales jump as easing curbs revive dressing to the nines

(Reuters) – Upmarket fashion retailer Ted Baker Plc on Tuesday said second-quarter sales surged 50% as the lifting of COVID-19 restrictions in the UK boosted demand for formal clothes.

Retail sales during the 16-week period to Aug. 14 jumped 30% from the comparable period in crisis-hit 2020, but was still 30% below pre-pandemic levels.

“We have made encouraging progress, with trading over the second quarter in line with expectations, albeit the speed of recovery is different across store locations and regions,” Ted Baker Chief Executive Officer Rachel Osborne said.

Osborne, a former Debenhams executive, has been overseeing a three-year turnaround plan focussed on cutting costs, revamping the company’s product range and increasing its digital presence.

(Reporting by Chris Peters and Muvija M in Bengaluru; Editing by Devika Syamnath)

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