(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.
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