TED BAKER HIT AS SUIT SALES SLUMP IN LOCKDOWN

DEMAND for casual clothes rather than suits and shirts during the pandemic hurt Ted Baker badly.

The clothes retailer said revenue dived more than 44pc to £352m in the year to January 31 because it was unable to open its doors in the UK and elsewhere for long periods.

Although online sales rose 22pc, bringing in £145m, demand dried up. The company’s focus on suits and other, more formal clothing was ‘adversely affected by the increase in working from home’ during the pandemic, Ted Baker said.

Men’s clothing sales fell more than 50pc, while women bought nearly 41pc less clothing. Losses widened to £107.7m from £77.6m the previous year.

The pandemic has been the latest blow for the struggling fashion retailer.

It has been hit by multiple profit warnings, several management changes and an accounting scandal since founder Ray Kelvin stepped down as chief executive in 2019 after misconduct allegations, which he denies.

The 65-year-old, who founded the chain in 1988, was said to have asked young female staff to ‘sit on his knee, cuddle him or let him massage their ears’.

Shares are down more than 90pc since their peak in late 2015. They fell 7.9pc, or 15.1p, to 153.3p yesterday.