Ted Baker delays full-year results a 3rd time

Ted Baker reports an underlying loss for the pandemic-hit fiscal 202 as its first-quarter revenue for the current year fell 20% due to coronavirus restrictions.
“While the impact of COVID-19 is clear in our results and has amplified some of the legacy issues impacting the business," : Ted Baker CEO.
// Ted Baker delays full-year results for the third time due to Covid-19 disruption
// The fashion retailer expects a full year operating loss of £65.2m

Ted Baker has delayed its full-year results for a third time due to Covid-19 disruptions on the audit process.

The fashion retailer is due to release its final results on June 14, and expects results for the year ended January 30 to be in line with consensus.

Ted Baker announced earlier this week that it expects a full year operating loss of £65.2 million as revenue halved during the pandemic.

READ MORE: Ted Baker forecast to post £65.2m loss

“Change in date due to will allow auditor BDO to complete internal review procedures,” Ted Baker said.

“The group reconfirms that its full year results will be in line with consensus expectations and reiterates its FY January 2023 financial targets set with the FY2020 preliminary results and then upgraded at the interim results in December 2020.”

Ted Baker has struggled during the pandemic due to issues of primarily being a bricks-and-mortar retailer as well as an increased focus and reliance on occasionwear and formal clothing.

Analysts have forecast that the fashion retailer will unveil a £65.2 million operating loss for the year to January 30 when it updates the market.

Last year, Ted Baker cut around 950 jobs after retail sales nosedived following the impact of the pandemic.

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