Ted Baker (LON:TED) reports a deep loss in the first half of the year.
Pre-tax operating losses fell to £86.4 million from £23 million the previous year, six months ended August 8th.
Group revenue fell 45.9%, down £169.5 million, while revenue rose 42.2% amid the pandemic.
Retailers have denounced the pandemic for Covid-related costs and shortfalls in sales during the store closures implemented.
“First half of the year financial statements do not reflect progress yet.
It was implemented against the strategic plan. The progress so far,
Despite the challenges raised by Covid, we were able to fix our foundations.
We cannot fix all the issues overnight, and due to the nature of our lead time, we
I hope that the effort and effort will take another 12-18 months.
Internally, hundreds of people become visible to customers, and as a result
Financial results have been improved. I’m encouraged by how much the team has achieved
In the first six months of the year, we provide for all operations
KPIs for the current fiscal year continue to go smoothly to provide midterm
Ted Baker’s chief executive said in a statement.
“We’re in a place where we want to make money. Consumers are recovering slowly.
Covid demand, the latest round of government lockdown measures, and
Heavy discounts that many of us have been published online online in the global market
Our companions closed many of our stores once again and were seriously affected
A growing level of footsteps into the city centre and promotional activities.
“This has also affected our margins, and we have taken an additional inventory provision in half.
To reflect the impact of Covid. We worked hard to offset these shortages
Through cost savings, we are here ahead of our plans. Higher cost reductions and
The tighter control of continued cash has resulted in a much stronger balance sheet than
We assumed this early in our plan, with considerable cash balance and liquidity
See us through Covid Crisis and Beyond. Despite reporting the operation of the material
The expected losses this year, as well as underlying free cash flow, will be positive for the year.
We are extremely pleased to see this level of agility in our cash management. ”
Ted Baker Shares (LON:TED) trades +4.55% at 140,00 (0817GMT).
