Upmarket retailer Ted Baker reports loss for pandemic-hit year By Reuters

© Reuters. FILE PHOTO: Shoppers walk past a Ted Baker store on Regents Street in London, Britain December 17, 2018. REUTERS/Simon Dawson/File Photo

(Reuters) -Upmarket British retailer Ted Baker on Monday (NASDAQ:) reported an underlying loss for the pandemic-hit fiscal 2021 and said its first-quarter revenue for the current year fell 20% due to coronavirus restrictions during the period.

The British company, which has had a number of operational and management setbacks over the past two years, reported an underlying pretax loss of 59.2 million pounds ($83.53 million)for the year ended January 30, compared to a 4.8 million pound profit the previous year.

Analysts on average estimated pretax loss of 76 million pounds according to Eikon data from Refinitiv.

While some retailers have benefited from a shift towards athleisure during the pandemic, Ted Baker’s annual sales plummeted 44% to 352 million pounds partly due to its focus on formal and occasion wear. E-commerce sales rose 22% to 144.9 million pounds.

“While the impact of COVID-19 is clear in our results and has amplified some of the legacy issues impacting the business, Ted Baker has responded proactively and is in a much stronger place than it was a year ago,” Chief Executive Rachel Osborne said.

The London-listed company, under new boss Osborne, has been working on winning back customers and investor trust after a string of setbacks that followed the departure of previous chief executive and founder Ray Kelvin following misconduct allegations. He has denied the accusations.

($1 = 0.7088 pounds)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Most Related Links :
Business News Governmental News Finance News

Need Your Help Today. Your $1 can change life.

[charitable_donation_form campaign_id=57167]

Source link

Back to top button