Ted Baker, which has had more than its fair share of problems over the past 18 months, has reported total revenues of £630.5 million for the year to 25 January 2020. Gross margin pressures and increased costs contributed to the business posting a pre-tax loss of £79.9 million. Pains included £86.4 million of non-underlying expenses including charges relating to inventory, impairment of store assets, losses relating to the disposal of its Asian business, plus significant expenditure on legal and professional costs.
The business s now seeking to generate c.£95 million via a stock issue in order to push its plans forward.
CEO Rachel Osborne said: “Today we are excited to launch ‘Ted’s Formula for Growth’, a comprehensive strategy for the Ted Baker brand which is supported by a significant recapitalisation of the business, that strengthens our position and enables us to both execute that transformation, and navigate through the disruption caused by Covid-19.”
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