Upmarket British retailer Ted Baker on Monday reported an underlying loss for the pandemic-hit fiscal 2021 and said its first-quarter revenue for the current year fell 20 percent due to coronavirus restrictions during the period.
The British company, which has had a number of operational and management setbacks over the past two years, reported an underlying pretax loss of £59.2 million ($83.53 million) for the year ended January 30, compared to a £4.8 million profit the previous year.
Analysts on average estimated pretax loss of £76 million according to Eikon data from Refinitiv.
While some retailers have benefited from a shift towards athleisure during the pandemic, Ted Baker’s annual sales plummeted 44 percent to £352 million partly due to its focus on formal and occasion wear. E-commerce sales rose 22 percent to £144.9 million.
“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.
The London-listed company, under new boss Osborne, has been working on winning back customers and investor trust after a string of setbacks that followed the departure of previous chief executive and founder Ray Kelvin following misconduct allegations. He has denied the accusations.
By Chris Peters and Muvija M; editor: Tomasz Janowski.