Ted Baker reported a narrowing of its full-year losses on Thursday as revenues grew, and the fashion retailer hailed a rise in first-quarter sales.
In the year to 29 January, pre-tax losses narrowed to £44.1m from £107.7m the year before, while underlying pre-tax losses narrowed to £38.4m from £59.2m. Revenues rose 25.5% to £428.2m.
Retail revenues jumped 17.2% to £301.9m, while store revenue was ahead 53.7% at £168.1m. Ted Baker said Covid disruption continued to affect the retail channel, with most of its stores in the UK, Europe and Canada closed for extended periods at the start of the year to comply with local lockdowns.
However, the emergence of Omicron in mid-December reversed this positive momentum. “This coincided with the key trading period in the run up to Christmas, with restrictions and work from home guidance reintroduced across much of Europe and the UK,” the retailer said.
Meanwhile, ecommerce revenue declined 9.7% to £133.8m. Online sales in the previous year benefitted from Covid-related store closures and a higher level of promotion and markdown sales due to elevated stock levels.
The company also provided an update on first-quarter trading, with sales up 20% on the same period a year ago, supported by a steady return to the office and social events.
