British fashion group Ted Baker’s revenue rises 3.4% in the second quarter

Ted Baker, the UK-based clothing retailer, saw its second-quarter revenue rise 3.4 percent year-over-year.

The fashion group attributed the rise in revenue to strong store sales which were up 20.4 per cent, even as people returned to the high street to shop for clothes in the period.

However, compared to the second quarter of 2020, same-store sales were 28.3 percent lower.

The online retailer’s revenue was hit hard. Due to challenges following the launch of its new e-commerce platform, online revenue fell 13.2 percent.

Notably, Ted Baker shareholders will vote on the £211m deal with Authentic Brands on September 29. 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

The London-based clothing retailer, known for suits, shirts and dresses with whimsical details, generated £617.4 million in 2019.