Ted Baker has racked up a £23 million loss for the 28 weeks to 10th August as compared with a pre-tax profit of £24.5 million for the same period last year. Group revenue had dropped to £303.8 million with retail sales down by 2.5 per cent to £214.5 million. It fared better in the USA where sales grew by 3.1 per cent however other overseas revenues were down by 15.2 per cent, and the UK and Europe’s combined sales fell by 3.9 per cent.
During the accounting period, the business has opened a new store in the USA as well as another in Germany as well as completed a product licence deal for its childrenswear line in Asia.
Ted Baker CEO Lindsay Page commented: “We are continuing to pro-actively manage the significant challenges impacting our sector including weak consumer spending, macro-economic uncertainty, and the accelerating channel shift towards eCommerce. However, we are not immune to these pressures which have impacted our financial performance during the first half of the year.”
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