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Ted Baker has revealed that recovering store footfall helped the fashion retailer hit higher sales over the past quarter as it prepares for its US takeover.
On Friday, the business told shareholders that overall revenues jumped by 3.4% over the three months to July compared with the same period last year, while store sales grew by 20.4% over the period, as shoppers headed back to high streets following the relaxation of Covid restrictions.
However, online sales slipped by 13.2% for the quarter compared with the same period a year earlier.
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Wholesale revenues also declined by 14.1% but licence revenue rose by 62.3% as a result of a high street sales boost.
Last month, the business was snapped up by Reebok and Juicy Couture owner, US-based Authentic Brands Group, in a £211 million deal.
Shareholders will vote on the move on September 29, with the deal expected to complete in the final quarter of 2022.
Ted Baker said it was “impacted by challenges following the launch of the new e-commerce platform alongside consumers returning to shop in stores”.
Ted Baker added that it has seen “good momentum” from its new ranges in recent months but highlighted that sales of discounted products were “slower than expected”.
The business said it expects to see a continued increase in customer numbers in stores, while it also hopes to benefit from the continued recovery in global recovery. But it highlighted that it still faces economic challenges over the coming year as inflation continues to skyrocket.
“We remain mindful of the significant recent deterioration of the macro-economic environment, falling consumer confidence and continued volatility in the supply chain as we move towards Ted Baker’s event-led peak trading season,” the retailer said.
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