British luxury retailer Ted Baker's FY21 sales fall 44% to £352 mn

16 Jun '21
2 min read
Pic: Ted Baker
Pic: Ted Baker

Ted Baker, the global British lifestyle brand retailer, has reported 44.2 per cent revenue decline due to ongoing impact of Covid restrictions on trading to £351.9 million in its fiscal 2021 ended on January 30, 2021, compared to the revenue of £630.5 million in the previous fiscal. The company’s loss before tax widened to £107.7 million (FY20: £77.6 million).
“We are making good progress against our strategic transformation plan and Ted Baker is increasingly well placed to take advantage of the significant growth opportunities ahead of us. The Ted Baker brand has strengthened further, with the number of active customers growing to 1.2 million by the end of the year,” Rachel Osborne, chief executive officer at Ted Baker, said in a press release.
Gross profit for FY21 was £182.7 million (£307.0 million), while Ted Baker’s operating loss was £98.9 million (£59.9 million). The company’s retail sales including e-commerce slipped 42.2 per cent to £254.3 million (£439.9 million), whereas wholesale sales dipped 50.3 per cent to £85.3 million (£171.5 million).
Revenue in UK and Europe fell 41.6 per cent to £246.8 million (£422.6 million), with e-commerce sales increasing to represent 63.0 per cent (31.9 per cent) of the total. In North America, revenue decreased 47.2 per cent to £102.8 million (£194.6 million) with e-commerce sales representing 43.3 per cent (17.0 per cent) of total retail sales. Rest of the world sales during FY21 came down 82.0 per cent to £2.4 million (£13.3 million).
“Additionally, we have made good progress with our sustainability strategy, Fashioning a Better Future, including the mapping of all of our factory partners within our supply chain and significantly increasing our usage of cotton from sustainable sources to 69 per cent,” Osborne added.
“We are a year into Ted Baker's transformation plan and continue to believe that we have the right strategy and team in place to set the business up for a stronger, more sustainable future,” Osborne concluded.

Fibre2Fashion News Desk (JL)

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