Ted Baker has reported narrowing losses and a jump in group revenues as boss Rachel Osborne hailed the retailer’s transformation plan for turning the business around.
In its interim report for the 28 weeks ending August 14, 2021, Ted Baker reported a £25.2m loss before tax – a 70.7% improvement on the £86.4m loss before tax the previous year.
The retailer delivered a 17.6% increase in group revenues to £199.3m and a positive net cash position of £12.7m at August 14, 2021.
Ted Baker also upgraded its target to achieve a net cash forward position by the end of this year – a year ahead of schedule. While it is not providing guidance for the financial year, the board is comfortable with market guidance.
The retailer said it is currently experiencing limited negative impact from the global supply chain disruptions or rising inflation The group has a basket of mitigation strategies to minimise the impact of further supply chain disruption, as well as cost inflation.
It said its transformation plan delivery was on track, with Ted Baker being in line with or ahead of plan for six of the current financial year’s operational KPIs.
Boss Rachel Osborne said: “I’m pleased with the continued progress we’re making as we return to revenue growth and make big strides back towards profitability. The brand remains healthy, delivering a stronger full-price mix alongside encouraging early reactions to the new collection.
“The pandemic continues to impact the global retail environment, yet despite this, we are delivering against our transformation plan. I remain confident that our turnaround of this great global lifestyle brand is on course and that Ted will emerge as a stronger business.”
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