UK-based fashion retailer Ted Baker reported improved results in half-year results out today. For the 28 weeks to the end of August, group revenue was £199.3m ($266.7m), a 17.6% increase on the £169.5m posted for the same period in 2020.
Reported losses before tax narrowed to £25.3m compared to £86.4m for the half-year 2020.
Net cash stood at £12.7m versus £60.7m for the 2020 half year.
Despite the improved picture, Ted Baker confirmed that it wouldn’t be paying an interim dividend – the second year running when there has been no payout.
Referring specifically to the third quarter of 2021, Ted Baker said trading had been affected by ongoing Covid restrictions, but that group revenue was up 18% (20% in constant currency). The increase has been driven by a recovery in the retail store channel, wholesale business and licencing.
Commenting on the latest figures Rachel Osborne, chief executive officer, said: “I’m pleased with the continued progress we’re making, as we return to revenue growth and make big strides back towards profitability. The brand remains healthy, delivering a stronger full-price mix alongside encouraging early reactions to the new collection.”
She added: “The pandemic continues to impact the global retail environment, yet despite this we are delivering against our Transformation Plan. I remain confident that our turnaround of this great global lifestyle brand is on course and that Ted will emerge as a stronger business.”
Ted Baker’s stock price rose in early London trading – up 3.88% to 142p.
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