Ted Baker revenues dive
The lockdown preference for comfortable clothes rather than suits and shirts hurt Ted Baker as the company’s revenue collapsed.
The clothes retailer said revenue dived more than 44 per cent to £352 million in the year to the end of January as the business was one of many unable to open its doors in the UK and elsewhere for large parts of the period.
Although Ted Baker had a 22 per cent rise in online sales, bringing in £145 million, it was unable to rely on the internet
as much as other clothing firms, simply because 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.
There is evidence of this in the difference between its menswear and womenswear sales.
Men's clothing sales dipped by more than 50 per cent, while women bought nearly 41 per cent less clothing.