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Ted Baker FY20 result: revenue down 1.4% to £631 mn
02 Jun 20 2 min read
Ted Baker, the global British Lifestyle brand, has reported 1.4 per cent total revenue decline to £630.5 million in the fiscal 2020 that ended on January 25, 2020, compared to revenue of £639.6 million in previous fiscal. Company reported a loss before tax of £79.9 million in FY20 compared to profit before tax of £30.7 million in previous year.
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Gross profit for the year were £307.1 million (FY19: £362.0 million). The revenue were reportedly impacted by significant discounting across the apparel industry, particularly in the UK, in response to weak consumer spending and channel shift to online.
Retail revenues fell 4.6 per cent to £439.9 million driven by: store revenues down 5.3 per cent to £321.2 million; and e-commerce revenues were down 2.5 per cent to £118.7 million.
Wholesale revenues increased 9.6 per cent to £171.5 million, benefitting from incremental footwear revenue, as company reported. On a comparable basis (excluding footwear), wholesale revenues decreased 3.7 per cent due to challenging trading conditions for trustees and territorial franchise partners.
Revenue in UK and Europe for FY20 fell 3.3 per cent to £422.6 million (£436.8 million). North America revenue grew 6.7 per cent to £194.6 million (£182.4 million). Rest of the World revenue were down 34.5 per cent to £13.3 million (£20.3 million).
Ted Baker’s current trading has been significantly impacted by Covid-19, but online revenues have been strong. Company’s revenue were down 36 per cent for the 14 week period from January 26, 2020 to May 2, 2020, compared to the same period last year.
Fibre2Fashion News Desk (JL)
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