The iconic British brand has commented that the Coronavirus has significantly impacted their performance.
The company has reported a 45.9 per cent decrease in group revenue. The gross margin before non-underlying items decreased to 50.3 per cent and the loss before tax declined to £39M. Further to this, the company commented that retail sales have decreased by 42.2 per cent. Wholesale sales also decreased by 55.7 per cent.
“This has been an unprecedented period for Ted Baker and today’s interim results clearly show both the impact of the Covid-19 pandemic and the steps we have taken to reset the business.
Even with some of our legacy issues being amplified by Covid-19, our balance sheet is materially stronger than we envisaged this early in the plan and operational cashflow will be positive for the full-year,” commented Rachel Osborne, Chief Executive Officer.
