Ted Baker powers through with turnaround plan unveiling new pricing, sustainability goals

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Ted Baker PLC (LON:TED) has announced new operational targets as it powers through with its turnaround plan.

The fashion designer is planning to increase full-price sales mix by 15% in the second half this year, as well as opening ten new stores and increasing sustainable cotton use to at least 75%.

READ: Ted Baker shares slide after refinancing

The group is also targeting rent savings of at least 15%, with each renegotiation with landlords to deliver at least 50% reduction in base rent.

It will also complete the launch of its new e-commerce platform, which delivered 4% sales growth in the first quarter thanks to a less heavy promotional stance compared to last year, which in turn helped margins.

In the 12 weeks to 24 April, group sales slid by a fifth due to global COVID-19 restrictions, with retail stores down 41% and wholesale and licence down 22%.

The first quarter ended with £29mln in the bank, with available facilities of £133mln.

In the 53 weeks to 30 January, group revenue tumbled 44% to £352mln while loss before tax widened 39% to £107mln. A dividend was not declared.

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