26th May 2022 14:51
(Alliance News) - Ted Baker PLC reported a narrowed loss on Thursday as the retailer saw an improved annual sales performance despite the impact of Covid-19 restrictions in the year.
For the year ended January 29, Ted Baker narrowed its pretax loss to GBP44.1 million from GBP107.7 million the previous year.
Revenue climbed 21% to GBP428.2 million from GBP355.3 million. Total brand sales increased to GBP918 million from GBP745 million the previous year, with a improved performance seen across all its channels and markets.
The London-based clothing brand said retail sales were disrupted by lockdowns and restrictions over the year but noted that digital sales - which amounted for 44% of sales - had stayed above historical levels. Digital sales were up 13% on a two-year basis.
Footfall picked up in its fourth quarter, though it never reached pre-pandemic levels due to the negative impact of the Omicron variant in mid-December.
Ted Baker added that the positive momentum seen in its most recently ended financial year has continued into its first quarter. Quarterly sales were up 20% against the previous year, it explained.
Looking forward, the company said it is mindful of inflation and the rising cost of living as well as the varying speeds of recovery in different regions from the pandemic.
Ted Baker did not provide any update on its formal sales process in Thursday's results, reiterating that it was proceeding with an unnamed "preferred counterpart", as announced on Monday.
Ted Baker kicked off a formal sales process in April. At the time, it had said that Sycamore Partners Management LP, the New York-based private equity firm whose approaches had triggered the sales process, was participating. On Monday, however, Ted Baker confirmed Sycamore was no longer participating in the sales process.
Shares in Ted Baker were down 0.3% at 139.40 pence on Thursday afternoon in London.
By Heather Rydings; [email protected]
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