Ted Baker, the global British lifestyle brand, has reported 45.9 per cent revenue decline to £169.5 million in its first half (H1) of fiscal 2021 that ended on August 8, 2020, compared to the revenue of £313.3 million in same period last fiscal. Company incurred a loss before tax of £86.4 million (H1 FY20: £23.0 million) in first six months.
“This has been an unprecedented period for Ted Baker and today’s interim results clearly show both the impact of the Covid-19 pandemic and the steps we have taken to reset the business. I believe that these actions and the early progress we have made with Ted’s growth formula means we now have the right foundations in place for the future,” Rachel Osborne, chief executive officer, said in a press release.
Retail sales including e-commerce were down 42.2 per cent for H1 FY21 to £124.0 million. However e-commerce sales rose 41.8 per cent to £74.2 million due to continued investment in Ted Baker’s digital business and significant improvements to its customer journey. Wholesale sales for the period slipped 55.7 per cent to £39.5 million.
Geographically, retail sales for UK and Europe decreased 37.2 per cent to £88.7 million (£141.3 million)