Investors celebrate revival at Ted Baker: Shares surge more than 14% after online lockdown sales boom
Online boom: Ted Baker said digital sales have far outstripped its expectations
Ted Baker shares surged more than 14 per cent as investors welcomed signs its online sales boomed during lockdown.
The struggling retailer said digital sales far outstripped its expectations, rising by 35 per cent to £35million in the 11 weeks to July 18.
This was helped by the company upping its social media and digital marketing to target customers, despite slashing spending in many areas of the fashion business. But coronavirus still hit trading, as shop closures wiped 79 per cent off store sales – with total revenue falling by 55 per cent to £61million.
Boss Rachel Osborne said the figures were ‘encouraging’.
But she cautioned that it is ‘still early days’ for the company, which is emerging from a tumultuous period that included a string of profit warnings, an accounting scandal, and the exit of founder and former boss Ray Kelvin over allegations of inappropriate hugging, which he denies.
Shares jumped 14.5 per cent, or 10.2p, to 80.8p.