Ted Baker posts H1 FY20 income of £170 mn


Ted Baker, the worldwide British way of life model, has reported 45.9 per cent income decline to £169.5 million in its first half (H1) of fiscal 2021 that ended on August eight, 2020, in comparison with the income of £313.three million in identical interval final fiscal. Firm incurred a loss earlier than tax of £86.four million (H1 FY20: £23.zero million) in first six months.

 

“This has been an unprecedented interval for Ted Baker and at the moment’s interim outcomes clearly present each the affect of the Covid-19 pandemic and the steps we’ve got taken to reset the enterprise. I consider that these actions and the early progress we’ve got made with Ted’s progress method means we now have the proper foundations in place for the longer term,” Rachel Osborne, chief government officer, mentioned in a press launch.

 

Retail gross sales together with e-commerce had been down 42.2 per cent for H1 FY21 to £124.zero million. Nonetheless e-commerce gross sales rose 41.eight per cent to £74.2 million as a consequence of continued funding in Ted Baker’s digital enterprise and vital enhancements to its buyer journey. Wholesale gross sales for the interval slipped 55.7 per cent to £39.5 million.

 

Geographically, retail gross sales for UK and Europe decreased 37.2 per cent to £88.7 million (£141.three million) whereas wholesale gross sales fell 54.2 per cent to £25.2 million (£55.6 million). North America’s retail gross sales throughout H1 FY21 plunged 46.1 per cent to £34.four million (£63.eight million), whereas wholesale gross sales declined 57.6 per cent to £14.three million (£33.6 million).

 

“Whereas these are nonetheless very early days in Ted’s transformation, and the financial outlook stays unsure, we’re assured that we’ve got the proper technique and group in place and that we’re setting the enterprise up for future success,” Osborne mentioned.

Fibre2Fashion Information Desk (JL)

Ted Baker, the worldwide British way of life model, has reported 45.9 per cent income decline to £169.5 million in its first half (H1) of fiscal 2021 that ended on August eight, 2020, in comparison with the income of £313.three million in identical interval final fiscal. Firm incurred a loss earlier than tax of £86.four million (H1 FY20: £23.zero million) in first six months.





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