StockMarketWire.com - Fashion retailer Ted Baker said its second-quarter sales had risen 50% and that its turnaround plan was on track.

In a trading update for the 16 weeks between 25 April and 14 August, the company said the improvement was in in line with expectations following an easing of lockdowns.

'Trading momentum continued to build through the period, with the last four-week exit rate for retail better than the overall second-quarter performance for retail sales,' it added.

Still, retail sales, while 30% above the 2021 financial year, were still 30% below the second quarter of the 2020 financial year.

Wholesale and licence revenue increased 151% year-on-year, but was down 29% compared to the second quarter of the 2020 financial year.

Trading margin improved by over 500 basis points, due to significantly better full price mix across all retail channels, Ted Baker said.

'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,' chief executive Rachel Osborne said.

'Full price sales mix has significantly improved across all our retail channels as we continue to re-establish our premium lifestyle brand positioning.'

'Our transformation programme remains on track, and we have moved forward on the three key pillars of our plan in refreshing and re-energising the product and brand, prioritising digital and capital light growth and through our cost savings programme.'


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