British fashion group Ted Baker’s second quarter revenues up 3.4%
UK-based apparel retailer Ted Baker posted second quarter revenue growth of 3.4% year-on-year.
The fashion group believes strong store sales, up 20.4%, drove earnings growth despite people returning to the main streets to shop for apparel during the period.
However, compared to the second quarter of 2020, store sales decreased by 28.3%.
Retailers’ online earnings have been hit hard. Online earnings fell by 13.2% for him due to the challenges associated with launching a new e-commerce platform.
In particular, Ted Baker’s shareholders will vote on a £211m deal with Authentic Brands on 29th September. The transaction is expected to close in the fourth quarter of this year.
read also: Authentic Brands Group agrees to buy Ted Baker for £211m
Known for suits, shirts and dresses with quirky details, the London-based clothing retailer generated £617.4m in 2019.