Ted Baker, the British clothing retailer, hasn’t had a good start to 2021!
The fourth quarter that ended 30 January saw the retailer’s sales slump by a worrying 47 per cent year-over-year (Y-o-Y).
The poor number has been attributed not only to closure of stores, but also to poor demand for outerwear and occasionwear during Christmas.
The retailer is now worried that the stores may remain shut till May as restrictions continue to be tighter all across the UK. It believes that the recovery may happen only over the remaining first half.
This was confirmed by CEO Rachel Osborne.
The struggle that the retailer has been facing can’t be entirely attributed to the pandemic. Ever since founder Ray Kelvin quit in 2019, it’s been tough for Ted Baker.
There have been several changes in the management after that including the resignation of Chairman David Bernstein and CEO Lindsay Page.
Also Read: Ted Baker CEO and Chairman quit
Last December, the retailer had announced that it will be axing 953 jobs following a massive fall of 45.9 per cent in revenue in the first half of last year.
Also Read: Ted Baker to cut over 900 jobs
And now with poor Q4, the retailer’s struggle, it seems, will continue for some more time.
