In a trading update today (2 September) for the 14-week period to 29 July (FY23), Ted Baker said group revenue growth was up 3.4% in the second quarter compared to the prior year period.
The increase was led by stronger in-store performance across both Ted Baker and its partners, partially offset by continued disruption from re-platforming adversely affecting e-commerce sales.
Go deeper with GlobalData
The Ted Baker Group has transitioned from its historical 13, 4-week period reporting basis, to a more typical 12 period reporting basis with consistent 13-week quarters. To facilitate this transition, Q2 FY23 performance is based on the 14-week period to 29 July 2022, reported against the comparable 14-week period last year. Q2 FY22 as reported was for a 16-week period to 14 August 2021.
Ted Baker Q2 breakdown
- Stores revenue was up 20.4% during the 14-week period to 29 July (down approximately 23% on a like-for-like basis compared with Q2 FY20) led by increased footfall to Ted Baker locations as consumers returned to the high street.
- E-commerce revenue was down 13.2% (up approximately 4% on a like-for-like basis compared with Q2 FY20) impacted by challenges following the launch of the new eCommerce platform alongside consumers returning to shop in stores.
- Wholesale revenue was down 14.1% (down 38.6% compared with Q2 FY20) reflecting a strong prior comparative as retail outlets restocked in Q2 FY22 following the ending of lockdown restrictions.
- Licence revenue was up 62.3% (up 14.9% compared with Q2 FY20) as the increase in travel and footfall drove a strong performance across formalwear and childrenswear.
Ted Baker says it expects a continued drag on traffic and conversion rates until current issues with the new e-commerce platform are resolved. It also is mindful of the significant recent deterioration of the macro-economic environment, falling consumer confidence and continued volatility in the supply chain as it moves to the peak trading period.
In August, ABG agreed on a GBP211m deal to acquire Ted Baker.
See Also:
US-based ABG, which owns brands including Reebok and Juicy Couture, agreed a 110 pence per share deal to acquire Ted Baker through ABG-Robin BidCo (UK) Limited – a newly incorporated entity wholly-owned by ABG.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
