Ted Baker has announced that group revenue plummeted 44.2% to £352m in the year ended 30 January 2021, as the group was impacted by ongoing Covid restrictions.
The fashion group’s losses widened to £59.2m, down from a profit of £4.8m the prior year, primarily driven by lower revenue levels but partially offset by cost actions.
As stores remained closed, retail sales including eCommerce fell 42.2% to £254.3m, compared to £439.9m in the prior year.
E-commerce sales, however, rose 22% to £144.9m, compared to £118.7m in the prior year, supported by continued investment in its digital business over the period.
Wholesale sales meanwhile were down 50.3% to £85.3m, compared to £171.5m in the prior year.
Since the end of the period, group revenue was down 19.9% in Q1 FY22, as ongoing restrictions remained in place globally. Ecommerce was up 4.5%, though sales in retail stores were down 40.7%.
Rachel Osborne, CEO, 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.”
She added: “During the period, we delivered robust cashflow generation, fixed our balance sheet, refreshed our senior leadership team and today we are upgrading our financial targets for the second time since outlining our new strategy last summer.
“We are a year into Ted Baker’s transformation plan and continue to believe that we have the right strategy and team in place to set the business up for a stronger, more sustainable future.”