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 ยฃ63m compared to original estimates of ยฃ73.8m.
Early morning trading on Wednesday saw shares plunge by 17%, foreign exchange has hit Ted Bakerโs profits by around ยฃ2.5m, due to the change in Sterlingโs value compared to the euro and the dollar.
The retailer spent ยฃ2.5m on the groups systems along with transitions across the US and Asia resulted in a ยฃ5m write down of their inventory stock.
The company will announce their full results in March.
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