Fashion retailer Ted Baker shares shredded after 'extremely difficult' start to year
- Ted Baker shares lost more than a quarter of their value on Tuesday after the British fashion retailer warned that underlying profit for the year would fall short of analysts’ estimates after an “extremely difficult” start to 2019.
Shares in the retailer traded 26% lower at 990 pence after it also complained of the impact of unseasonable cold weather in North America, from where it derives almost a third of its revenue. The shares fell 43% last year and had lost another 14% in 2019 before Tuesday’s opening. Kelvin, who had been CEO since the company’s launch in 1988, resigned earlier that month over claims he presided over a culture of “forced hugging”. He has denied all allegations of misconduct.In a 19-week trading update, the company, which opened its first store in Glasgow in 1988 and now has 560 stores and concessions globally, said it was focused on reining in costs and coming up with new products to turn the company around.
Ted Baker said gross margins in both its wholesale and retail businesses were lagging compared with last year, blaming “elevated levels of promotional activity”.
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