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UPDATE 2-Ted Baker sales plunge, pandemic could keep UK stores shut until end May

Thu, 11th Feb 2021 07:58

* Q4 sales down 47% on closures, weak Christmas

* Co expects UK stores to stay shut till May-end

* Transformation plan on track

* Shares down 5.6%
(Adds shares, analyst comment, details on turnaround,
background)

By Tanishaa Nadkar

Feb 11 (Reuters) - Fashion brand Ted Baker said on
Thursday it expects its UK stores to stay closed until the end
of May due to coronavirus restrictions, as it reported a 47%
fall in fourth-quarter revenue, citing lockdowns and weak
Christmas demand.

"Looking forward, we are taking a cautious planning approach
and now assume that UK stores will remain closed until the end
of May followed by a gradual recovery over the rest of the first
half," Chief Executive Officer Rachel Osborne said.

The pandemic has been the latest blow for the struggling
fashion retailer, which has been hit by multiple profit
warnings, several management changes and an accounting scandal
since founder Ray Kelvin stepped down as CEO in 2019 after
misconduct allegations, which he denies.

Shares in the company, whose biggest shareholder is activist
investor Toscafund Asset Management, were down 5.6% at 98.6
pence by 0939 GMT. They fell 67% in 2020.

"Ted Baker is facing the perfect storm. Its brand is
synonymous with wedding-guest, occasion and workwear, which is
not what people buy during a pandemic. Added to that is the
group's lack of presence in out-of-town retail parks, which is
where footfall has shifted," Hargreaves Lansdown analyst Sophie
Lund-Yates said.

The company said its three-year transformation plan, which
is focused on online operations, cost savings and revitalising
the brand, was making good progress.

It also highlighted its new online platform which will be
launched at the end of the first-quarter and announced a new
licensing agreement with bed linen brand Bedeck.

Ted Baker said it expects Brexit-related incremental costs
of up to 5 million pounds ($6.92 million). It earlier forecast a
hit of around 16.1 million pounds on full-year profit under a
worst-case scenario.

The company, which raised about 200 million pounds and cut
953 jobs last year to weather the coronavirus crisis, said it
achieved cost savings of around 34 million pounds.

($1 = 0.7224 pounds)
(Reporting by Tanishaa Nadkar in Bengaluru; Editing by Krishna
Chandra Eluri, Shounak Dasgupta and Susan Fenton)

More News
25 Apr 2023 14:14

Ted Baker CEO heading for the exit after ABG takeover - report

(Sharecast News) - The chief executive of Ted Baker is reportedly close to leaving the company six months after it was taken over by a giant American brands and entertainment conglomerate.

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21 Oct 2022 16:39

IN BRIEF: Ted Baker to be de-listed, ending spectacular rise and fall

Ted Baker PLC - London-based fashion retailer - Shares are suspended from trading on the London Main Market on Friday and will be delisted from the start of trade on Monday, as Ted Baker's acquisition by the US's Authentic Brands Group becomes effective. The GBP211 million deal was approved by Ted Baker shareholders at the end of September, and the scheme of arrangement got court sanction on Wednesday.

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22 Sep 2022 15:49

UK shareholder meetings calendar - next 7 days

Friday 23 September 
Accsys Technologies PLCAGM
Biffa PLCAGM
Bradda Head Lithium LtdAGM
Fusion Antibodies PLCAGM
In The Style Group PLCAGM
Safestay PLCAGM
Wise PLCAGM
Monday 26 September 
Babcock International Group PLCAGM
Eastinco Mining & Exploration PLCAGM
Eckoh PLCAGM
ECO Animal Health Group PLCAGM
Great Eastern Energy Corp LtdAGM
Lamprell PLCEGM re delisting
Mediclinic International PLCCourt & GM re takeover by Remgro, SAS
RPS Group PLCGM cash offer agreement
Tuesday 27 September 
Bens Creek Group PLCAGM
Cohort PLCAGM
daVictus PLCAGM
Downing Four VCT PLCAGM
Empyrean Energy PLCAGM
First Property Group PLCAGM
GRC International Group PLCAGM
Incanthera PLCAGM
Knights Group Holdings PLCAGM
Miton UK MicroCap Trust PLCAGM
Redde Northgate PLCAGM
Smoove PLCAGM
Spectral MD Holdings LtdAGM
TP Group PLCGM re annual report
Yourgene Health PLCAGM
Wednesday 28 September 
600 Group PLCAGM
Aberdeen New India Investment Trust PLCAGM
Amigo Holdings PLCAGM
AO World PLCAGM
AssetCo PLCGM re authority to repurchase shares
Baltic Classifieds Group PLCAGM
DWF Group PLCAGM
Enwell Energy PLCAGM
Intercede Group PLCAGM
Kainos Group PLCAGM
Kromek Group PLCAGM
NWF Group PLCAGM
Ormonde Mining PLCGM sale of La Zarza Landholding
Oxford Cannabinoid Technologies Holdings PLCAGM
Scholium Group PLCAGM
System1 Group PLCAGM
Thursday 29 September 
ActiveOps PLCAGM
Chill Brands Group PLCAGM
Coral Products PLCAGM
Echo Energy PLCGM re approval of annual report
Jaywing PLCGM re funding
Orient Telecoms PLCAGM
President Energy PLCGM proposed capital reorganization
Samarkand Group PLCAGM
TransGlobe Energy CorpGM re merger with Vaalco Energy Inc
Ted Baker PLCGM re shareholders vote on acquisition by ABG 
Vaalco Energy IncGM re merger with TransGlobe Energy Corp
Van Elle Holdings PLCAGM
Walker Crips Group PLCAGM
  
Copyright 2022 Alliance News Limited. All Rights Reserved.

Read more
2 Sep 2022 09:39

Ted Baker revenues rise as shoppers return to stores

(Sharecast News) - Ted Baker reported a rise in revenues on Friday as shoppers returned to stores.

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2 Sep 2022 08:47

Ted Baker sees revenue growth but warns on falling consumer confidence

(Alliance News) - Ted Baker PLC on Friday cautioned over falling consumer confidence heading into its peak trading period, but said it saw recent revenue growth.

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2 Sep 2022 07:47

LONDON MARKET PRE-OPEN: Ashmore hit by "widespread risk aversion"

(Alliance News) - Stocks in London are seen staging a slight recovery at the end of a difficult week, but the monthly US jobs report due later in the day could bring further market volatility.

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16 Aug 2022 17:21

FTSE 100 ends higher as miners shine, Ted Baker soars on buyout deal

Aug 16 (Reuters) - Britain's top share index ended near a 10-week peak on Tuesday as strong results from BHP Group sparked a rally in mining stocks, while fashion chain Ted Baker soared on a buyout deal.

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16 Aug 2022 12:10

LONDON MARKET MIDDAY: FTSE 100 shakes off record UK real wage slide

(Alliance News) - European equities pushed higher on Tuesday morning, with markets in London getting a lift from the mining sector and some M&A moves.

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16 Aug 2022 10:41

SMALL-CAP WINNERS & LOSERS: Ted Baker backs bid; Nanoco returns gains

(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Tuesday.

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16 Aug 2022 08:58

LONDON MARKET OPEN: Stocks rise; Ted Baker and Darktrace surge on M&A

(Alliance News) - Stocks in London were higher in early trade on Tuesday, receiving some deal-making impetus, after figures showed the UK jobless rate was unchanged in June, but wages fell markedly on an inflation-adjusted basis.

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16 Aug 2022 08:49

Ted Baker agrees to GBP211 million takeover by Reebok owner Authentic

(Alliance News) - Ted Baker PLC on Tuesday said it has agreed to GBP211 million takeover from Reebok owner Authentic Brands Group, ending a several months long formal sales process.

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16 Aug 2022 07:46

LONDON MARKET PRE-OPEN: Ted Baker backs takeover from new Reebok owner

(Alliance News) - Stocks in London are called higher on Tuesday, with sentiment lifted by a positive session on Wall Street on Monday, despite a less-than-stellar handover from Asia.

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16 Aug 2022 07:17

Ted Baker to be taken over by Authentic Brands in £211m deal

(Sharecast News) - Fashion brand Ted Baker said on Tuesday that it has agreed to be taken over by Reebok owner Authentic Brands Group in a £211m deal.

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15 Aug 2022 21:09

PRESS: Reebok-owner ABG to make GBP200 million bid for Ted Baker - Sky

(Alliance News) - US consumer goods group Authentic Brands Group is on the verge of announcing a GBP200 million takeover bid for fashion retailer Ted Baker PLC, Sky News reported Monday.

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15 Aug 2022 10:21

SMALL-CAP WINNERS & LOSERS: UP Global revenue up; Treatt outlook cut

(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Monday.

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