Ted Baker slumps to loss on back of lockdown and shift to casual wear

The firm plans to strengthen its online presence, with £11m earmarked for its e-commerce site's revamp.

Fashion retailer Ted Baker – which has a number of stores and concessions in Ireland – has posted an annual underlying loss of £59.2m (€69m), saying Covid restrictions and a shift in focus from upmarket clothing to casual wear hammered its earnings.

The company warned that first quarter revenue in its current financial year fell 20% due to further Covid restrictions. However, CEO Rachel Osborne said the performance of stores since their reopening has been “very pleasing”.