// Ted Baker records narrowed pretax loss for fiscal 2022
// It made a pretax loss for the year ended January 29 of £44.1m
Ted Baker has recorded a narrowed pretax loss for fiscal 2022 and said that sales grew 20% in the first quarter of the current financial year.
The fashion retailer attributed the sales growth to customers returning to the office as well as the increase in weddings.
However, it cautioned on the squeeze from inflation and cost-of-living pressures.
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It posted a pretax loss for the year ended January 29 of £44.1 million compared with a loss of £107.7 million for fiscal 2021.
Revenue rose to £428.2 million from £355.3 million a year earlier.
Regarding its first-quarter performance, the company said that its trading margin improved 360 basis points.
Ted Baker reported group sales of £918 million up 23% compared to FY21, with a net cash of £3 million at year-end.
It said it has seen an encouraging start to the second quarter, marked by an improvement in both in-store and online sales in the UK and Europe when compared to the first quarter.
Earlier on Thursday, Ted Baker the company said its audited results for fiscal 2022 and the first quarter of fiscal 2023 would be delayed.
Ted Baker CEO Rachel Osborne said: “We continue to make good progress against our transformation plan, helping us deliver strong sales momentum through the year as we focus on driving Ted Baker’s growth as a global lifestyle brand.
“That momentum has continued into the new year, supported by a steady return to the office and social events. While we remain mindful of what is a challenging macro environment, we are well positioned for growth.
“The positive response to our SS22 collection and the recent launch of our new digital platform, supported by our strong brand, capital light strategy and well-established distribution channels give us confidence in Ted Baker’s future.”
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