Fashion chain Ted Baker has warned their profits will fall short of market expectations in 2019, due to foreign exchange movements.
The retailer said pre-tax profits for the year end to 26 January 2019 are expected to drop to £63m compared to original estimates of £73.8m.
Early morning trading on Wednesday saw shares plunge by 17%, foreign exchange has hit Ted Baker’s profits by around £2.5m, due to the change in Sterling’s value compared to the euro and the dollar.
The retailer spent £2.5m on the groups systems along with transitions across the US and Asia resulted in a £5m write down of their inventory stock.
The company will announce their full results in March.