Ted Baker to reveal progress of turnaround plans – and is expected to post slump in sales
Ted Baker will reveal the progress of its turnaround plans today – and is expected to post a slump in sales following enforced store closures.
Investors will be particularly keen to hear how the fashion retailer is moving forward with transformation targets it announced to arrest potential losses.
Slump: Investors will be particularly keen to hear how the fashion retailer is moving forward with transformation targets it announced to arrest potential losses
In July, the London-listed company said it planned to cut at least 500 jobs – more than a quarter of its workforce – just six months after it announced 160 separate redundancies, to reduce costs.
It also plans to streamline its supplier base, simplify its structure and limit capital investment.
But Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, said: ‘Even the best cost controls in the world can’t make up for a severe lack of sales. Ultimately, the sales numbers will be key to longer-term recovery.’
A previous update showed store sales fell 79 per cent in the 11 weeks to July 18.
But online sales jumped by 35 per cent over the period.