Blencowe Resources: Aspiring to become one of the largest graphite producers in the world. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksTED.L Share News (TED)

  • There is currently no data for TED

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Ted Baker FY losses widen as Covid restrictions bite

Mon, 14th Jun 2021 07:33

(Sharecast News) - Ted Baker reported a widening of its full-year losses on Monday as revenues slumped due to Covid-related restrictions.
In the 53 weeks to 30 January 2021, pre-tax losses widened to £107.7m from £77.6m on revenues of £352m, down 44.2% the previous year. The company posted an underlying pre-tax loss of £59.2m versus a £4.8m profit the year before.

The fashion retailer said Covid-19 restrictions had a "significant" impact on its performance, resulting in stores remaining closed for much of the year and depressed demand in its key markets. While some demand shifted online, this was not enough to compensate for the shortfall in store sales in the year.

It added that the drop in revenues was particularly pronounced in the second quarter, when the full impact of lockdowns began to bite internationally, and affected all channels, especially wholesale.

As far as current trading is concerned - the first 12 weeks to 24 April - Ted Baker highlighted a material impact from ongoing restrictions, with lockdowns in place in the UK, Europe and Canada for parts of the period.

FY22 first-quarter group revenues were down 19.9% as a result. Meanwhile, e-commerce sales were 4.5% higher, down from a 25.9% increase in the first quarter of last year, as the retailer takes a less heavy promotional stance. Store sales were 40.7% lower, which is an improvement on the 73.1% decline seen in the first quarter of the previous year.

Chief executive officer Rachel Osborne said: "We are making good progress against our strategic transformation plan and Ted Baker is increasingly well placed to take advantage of the significant growth opportunities ahead of us. The Ted Baker brand has strengthened further, with the number of active customers growing to 1.2m by the end of the year.

"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."

Sophie Lund-Yates, equity analyst at Hargreaves Lansdown, said: "Covid holds a particularly painful sting for Ted Baker. Lockdowns are every retailer's nightmare, but especially so for ones that rely more heavily on formal and occasionwear. The business was already in a tough spot before the crisis, and the going has simply got tougher. What's stark is the evidence the online business wasn't up to scratch.

"While e-commerce revenue is positive, unlike the physical store-estate, this hasn't come close to plugging the sales gap. And as restrictions are easing, that digital momentum looks to be dissipating, with online sales growing more slowly in the first quarter of the new year. Ted Baker needs to find a way to sustainably improve its online business, or it won't bode well for trading patterns in the post-pandemic, digital-centric world."

More News
7 Sep 2021 10:24

Ted Baker cuts promotions to reinstate luxury position

Ted Baker cuts promotions to reinstate luxury position

Read more
7 Sep 2021 09:58

Ted Baker trades in line in second quarter

(Sharecast News) - High street fashion brand Ted Baker said sales in its second quarter were in line with expectations in Tuesday, with the continued impact of the Covid-19 pandemic leading to different speeds of recovery across key markets.

Read more
7 Sep 2021 09:45

UPDATE 3-European stocks slip from recent highs, telecom deals in focus

* KPN leads gains after Deutsche Telekom unit sale* Meggitt tumbles as TransDigm drops bid* Traders await ECB meeting on Thursday (Updates to market close)By Sruthi Shankar and Ambar WarrickSept 7 (Reuters) - European stocks ended lower on Tuesday a...

Read more
7 Sep 2021 09:45

UPDATE 2-Telecom deals in focus as European stocks slip from highs

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)* Deutsche Telekom up on unit sale, Softbank deal* Utilities, media stocks lead morning declines* Traders await ECB meeting on Thursday (Add...

Read more
7 Sep 2021 07:48

LONDON MARKET PRE-OPEN: DS Smith sees rising costs; Vistry ups outlook

LONDON MARKET PRE-OPEN: DS Smith sees rising costs; Vistry ups outlook

Read more
7 Sep 2021 07:37

UPDATE 2-Ted Baker enjoys sales surge as dressing up returns to fashion

* Ted Baker says performance recovered in UK, N. American malls* Overall sales up 50% in Q2* Shares flat in early trading* Retail sales still down 30% vs pre-crisis levels (Adds details, background, share move)Sept 7 (Reuters) - Upmarket fashion re...

Read more
6 Sep 2021 11:09

Ted Baker surges as Questor says it's a 'buy'

(Sharecast News) - Ted Baker shares surged on Monday after being tipped in the Telegraph's 'Questor' column over the weekend, ahead of the fashion retailer's second-quarter trading update on Tuesday.

Read more
31 Aug 2021 15:28

UK earnings, trading statements calendar - next 7 days

UK earnings, trading statements calendar - next 7 days

Read more
23 Aug 2021 08:20

TOP NEWS: easyJet names former RBS and RSA boss Hester as new chair

TOP NEWS: easyJet names former RBS and RSA boss Hester as new chair

Read more
4 Aug 2021 14:08

EXECUTIVE CHANGES: Trinity Exploration executive chair Dingwall dies

EXECUTIVE CHANGES: Trinity Exploration executive chair Dingwall dies

Read more
23 Jul 2021 11:01

SMALL-CAP WINNERS & LOSERS: Harworth rallies as it raises outlook

SMALL-CAP WINNERS & LOSERS: Harworth rallies as it raises outlook

Read more
23 Jul 2021 09:32

Fashion retail Ted Baker decamps to 'Gorgeous' from 'Ugly' building

Fashion retail Ted Baker decamps to 'Gorgeous' from 'Ugly' building

Read more
23 Jul 2021 07:24

Ted Baker to move to new Fitzrovia HQ, save on rent

(Sharecast News) - Fashion brand Ted Baker said on Friday that it has secured a new global HQ at 101 on Cleveland in the heart of Fitzrovia, London, and that the move will result in cost savings.

Read more
21 Jul 2021 16:11

UK shareholder meetings calendar - next 7 days

UK shareholder meetings calendar - next 7 days

Read more
8 Jul 2021 15:20

EXECUTIVE CHANGES: Quixant hires from XP Power; Impax taps former MP

EXECUTIVE CHANGES: Quixant hires from XP Power; Impax taps former MP

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.