Ted Baker’s losses widen as trading is hit by covid-19 restrictions
Ted Baker has posted an underlying pre-tax loss of £39 million in the 28 weeks to 8 August compared to a loss of £2.7 million in the corresponding period last year as it continues to work through its transformation plan.
In addition, the fashion retailer’s revenue declined by 45.9% to £169.5 million as retail sales fell by 42.2%. Wholesale revenues were also down, dropping by 55.7%.
In a statement, the retailer said trading had been hit by the ongoing impact of coronavirus restrictions around the world.
Ted Baker chief executive Rachel Osborne said: “This has been an unprecedented period for Ted Baker and today’s interim results clearly show both the impact of the Covid-19 pandemic and the steps we have taken to reset the business. I believe that these actions and the early progress we have made with Ted’s growth formula means we now have the right foundations in place for the future.”
During the period, Ted Baker strengthened its executive leadership team with the appointment of Anthony Cuthbertson as chief creative officer and Helen Costello as group commercial and business development director. In addition, it continued to invest in its online offering and in improving the customer journey.
Looking ahead Osborne said: “While these are still very early days in Ted’s transformation, and the economic outlook remains uncertain, we are confident that we have the right strategy and team in place and that we are setting the business up for future success.”
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