Ted Baker sales hit by Covid-19 store closures
Fashion retailer Ted Baker has posted a 47% decline in group revenue in its fourth quarter after sales were hit by Covid-19 related store closures.
In the 13 weeks to 30 January, retail sales also fell by 47% while group online sales edged down 1% after accounting for 63% of total retail sales. However, directly operated ecommerce sales increased by 2%.
The retailer is planning to launch an improved ecommerce platform at the end of the current quarter.
Rachel Osborne, chief executive of Ted Baker, said: “While we have made encouraging strategic progress, trading over the fourth quarter was difficult and heavily impacted by the Covid pandemic, leading to the closure of many of our stores during the period and a lack of demand for outerwear and occasionwear over the festive season in particular.”
“Looking forward, we are taking a cautious planning approach and now assume that UK stores will remain closed until the end of May followed by a gradual recovery over the rest of the first half.”
During the period, Anthony Cuthbertson joined the retailer as global creative director and has been working with Ted Baker’s design teams on refreshing the retailer’s products and brand. The new design team’s first full collection will be for Autumn/Winter 2021.
