Investor Alert

June 1, 2020, 2:50 a.m. EDT

Ted Baker FY loss widens, 14-week sales drop 36%

Watchlist Relevance

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

or Cancel Already have a watchlist? Log In

By Matteo Castia

Ted Baker PLC reported Monday a much-widened pretax loss for fiscal 2020 on higher costs and lower revenue and said the coronavirus pandemic has slashed current sales.

The U.K. lifestyle brand posted a pretax loss of 79.9 million pounds ($98.6 million) for the year ended Jan. 25, compared with a loss of GBP30.7 million in fiscal 2019. Revenue fell 1.4% on the year to GBP630.5 million.

The loss widened largely due to GBP84.6 million non-underlying expenses, mainly comprising of a GBP45.6 inventory charge, a GBP16.2 million store assets impairment, GBP7.6 million of losses associated with the disposal of the Asian business, and GBP6.5 million of legal and professional costs, the company said.

The board declared no dividend for the year.

The company said the pandemic has caused a 36% revenue fall year-on-year in the 14 weeks to May 2, despite 50% growth in online sales.

Ted Baker said it is undertaking a new transformational strategy to return to profitable growth and set its revenue growth target at 5% by fiscal 2023.

This Story has 0 Comments
Be the first to comment
More News In

Story Conversation

Commenting FAQs »
Link to MarketWatch's Slice.