Ted Baker’s revenue declines 45.9%

United Kingdom
Published:  09 December, 2020

The British fashion Group’s revenue decreased 45.9% to £169.5 million (US$226.13 million) for the 28 weeks ended August 8, 2020.

Ted Baker’s gross margin before non-underlying items decreased to 50.3%, from 55.7% in the corresponding period of 2019. The Group said it reacted rapidly to “unprecedentedly challenging conditions of rapidly shrinking sales” by reducing operational expenditure, furloughing staff in both stores and head office, taking advantage of support schemes offered by the British and other governments, and initiating cost control and restructuring programmes. This brought total operating expenditure before non-underlying items down 28.8% to £124.3 million (US$165.81 million). The loss before tax, non-underlying items and IFRS 162 deteriorated to £39 million (US$52 million) compared with a loss of £2.7 million (US$3.6 million) in the corresponding period of 2019. Loss before tax worsened to £86.4 million (US$115.27 million) from a previous loss in 2019 of £23 million (US$30.68 million).

For the 28 weeks ended August 8, 2020, worldwide retail sales decreased 42.2% to £124 million (US$165.41 million), and online sales grew 41.8% to £74.2 million (US$98.97 million) to represent 59.8% of total retail sales, against 24.4% in 2019. Ted Baker’s own directly operated e-commerce business grew 56%, while store sales decreased 69.3% to £49.8m (US$66.43 million).