The first quarter revenues of upmarket British retailer Ted Baker fell by 20 per cent due to coronavirus restrictions during the period.
The British company also reported an underlying pretax loss of €59.2 million ($83.53 million) for the year ended January 30, compared to a €4.8 million profit the previous year. Its average pretax loss amounted to €76 million, according to Eikon data from Refinitiv.
Ted Baker's annual sales also plummeted 44 per cent to €352 million partly due to its focus on formal and occasion wear. E-commerce sales rose by 22 per cent to €144.9 million pounds.
The London-listed company, under new boss Osborne, has been working on winning back customers and investor trust after a string of setbacks that followed the departure of previous chief executive and founder Ray Kelvin following misconduct allegations. He has denied the accusations.
Founder by Ray Kelvin, who named the company after a self-styled alter ego, Ted Baker established its first store in March 1988 in Glasgow, and opened further stores in Manchester, and Nottingham. In 1990 Ted Baker opened a store in Covent Gardenand Kelvin bought the company outright from part-owners Goldberg and Sons. A new range, Ted Baker Woman, was launched in 1995.