Home Business News Ted Baker profits hit amid ‘challenging’ high street

Ted Baker profits hit amid ‘challenging’ high street

by Purvai Dua
4th Oct 18 9:04 am

Shares in Ted Baker fell as much as 14 per cent today after the British retailer warned of a “challenging” remainder of the year while posting a 3.2 per cent drop in pretax profit for the first half.

“Whilst we believe that the second half of the year will remain challenging due to external factors, we are well positioned to continue Ted Baker’s long-term development”, Chief Executive Officer Ray Kelvin said.

Pretax profit fell to £24.5m for the half-year ended August 11 from £25.3m, a year earlier as more promotions to boost sales dragged on margins.

But the promotions helped overall revenue rise 3.5 per cent to £306m, with e-commerce sales surging more than 24 per cent to 53 million pounds.

Retail sales were up 1.1 per cent, the company said, adding that it was hurt by the hot weather across the UK and Europe earlier this year.

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