// Ted Baker posts a pre-tax loss before tax of £107.7m for the 53 weeks to the end of January
// The retailer’s annual sales plummeted 44% to 352 million pounds
Ted Baker has reported an underlying loss for the pandemic-hit fiscal 2021 and said its first-quarter revenue for the current year fell 20 per cent, driven by the ongoing impact of Covid restrictions on trading.
The retailer swallowed a revenue loss of £278.5 million in the year to January 30, down 44 per cent as it bagged £352 million in total.
Ted Baker also suffered a loss before tax of £107.7 million, swelling from a loss of £77.6 million the year before.
“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,” chief executive Rachel Osborne said.
“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.”
The retailer’s turnaround measures have appeared to be slowing following its results, after Ted Baker refinanced by extending its revolving credit facility with lenders in May.