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Ted Baker has announced that its losses have continued to widen, with underlying loss-before-tax amounting to around £39m, primarily driven by lower revenue levels, and partially offset by our cost actions.
In the 28 week period ended 8 August, group revenue was also down by 45.9% against the prior year.
Retail sales, including e-commerce, plummeted 42.2% to £124m in the same period.
Rachel Osborne, the group’s chief executive officer, said: “This has been an unprecedented period for Ted Baker and today’s Interim Results clearly show both the impact of the Covid-19 pandemic and the steps we have taken to reset the business.
“I believe that these actions and the early progress we have made with Ted’s Growth Formula means we now have the right foundations in place for the future.”
She added: “Even with some of our legacy issues being amplified by Covid-19, our balance sheet is materially stronger than we had envisaged this early in the plan and operational cash flow will be positive for the full-year.
“At the same time, we have strengthened our leadership team, made good progress against our brand, product and digital ambitions, and are on track or ahead of our operational KPIs for the first year of our plan.”
