Ted Baker’s store revenue gains on recovering footfall, formalwear sales

(Reuters) -British fashion group Ted Baker Plc said on Friday people were returning to its high-street stores and buying more formalwear and childrenswear, boosting its store revenue.

The fashion retailer, known for its suits, shirts and dresses with quirky details, is benefiting from a turnaround plan, while growing demand for formal wear amid a return-to-office push by companies is also aiding performance, Ted Baker said.

Ted Baker, which last month agreed to be bought by Juicy Couture and Forever 21 owner Authentic Brands, said revenue for the 14 weeks to July 29 was up 3.4%, compared with last year, but still down 28% compared with pre-pandemic levels.

While revenues from its stores jumped 20% during the period, its overall performance was partly weighed down by a 13% fall in online sales because of unresolved issues with its new e-commerce platform.

Ted Baker shareholders will vote on the about 211 million pound ($243.47 million) deal with Authentic Brands on Sept. 29. It expects the transaction to close in the fourth quarter of this year.

($1 = 0.8666 pounds)

(Reporting by Yadarisa Shabong in Bengaluru; Editing by Rashmi Aich)