Home Business NewsTed Baker announces profit warning

Ted Baker announces profit warning

by LLB Reporter
27th Feb 19 11:29 am

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 Bakerโ€™s profits by around ยฃ2.5m, due to the change in Sterlingโ€™s 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.

Leave a Comment

You may also like

CLOSE AD

Sign up to our daily news alerts

[ms-form id=1]