Ted Baker steams ahead with UK expansion despite Omicron dent to sales
Ted Baker is set to steam ahead with its UK expansion plans – with hopes of a least three new stores each year over the next three years – despite the Omicron-induced dent to sales.
The retailer saw sales plunge 42 per cent during the Omicron surge, in comparison with the final quarter of 2019.
However, sales have recovered 35 per cent in the three months to January 29, jumping nearly 20 per cent in comparison with autumn last year.
Beyond the UK, the fashion brand has locked its sights on North America for widening its successful home and bedding product licence with home retailer Bedeck which kicks off in July.
Ted Baker has also extended its Jack Victor licence for North America for another five years.
The group said it had successfully navigated the global supply chain disruptions which were sparked by Covid-19, but admitted that there had been a “modest impact” on the availability of some products.
The final quarter results come as the group hunts for a new chair, after the sudden death of chairman John Barton in early December, with the search process well underway, Ted Baker said.
“We continue to make good progress with our transformation and despite the impact of Omicron on the quarter, were pleased to deliver group sales up 35 per cent compared with last year,” CEO Rachel Osborne said.
“The strong improvement in trading margin is encouraging, along with the increase in full price sales mix, demonstrating the progress we’re making as Ted re-establishes its premium brand positioning.”