Ted Baker enjoys surge as dressing up returns

A return to socialising helped sales at Ted Baker surge during the second quarter.

That as customers hit the shops in search of new clothes after months at home.

Ted Baker, which has 560 stores and concessions, pointed to a rebound in North American and UK shopping malls as consumer confidence picked up.

Overall sales jumped 50% on the year.

Although online sales alone dropped by 25% as consumers headed back to stores.

Ted Baker was forced to cut hundreds of jobs during the health crisis.

And retail sales during the second quarter were still a third lower compared to pre-crisis levels.

Shares in the firm, which surged more than 8% on Monday in anticipation of Tuesday's update, were up around one percent by lunchtime.

With a year-to-date rise of 45%, they currently look on course to end 2021 with an annual gain after five straight years of losses.

Ted Baker has been working on regaining investor trust under fresh management.

Former boss Ray Kelvin left in 2019 following misconduct allegations.

He has denied the allegations, and still owns nearly 12% of the company he founded in 1988.

Ted Baker is now valued at about $441 million, compared to around $1.79 billion in 2015.

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