Fashion retailer Ted Baker has warned over profits and “extremely difficult” trading as sales have slumped with its spring and summer ranges.
Underlying annual pre-tax profits are now expected to be in the range of around £50m to £60m for the year to 25 January 2020.
The troubled retailer reported a 2.6% in like-for-like sales, whilst comparable sales dropped by 3.6% with currency stripped out.
In the year to 26 January Ted Baker posted a 26.1% slump in pre-tax profits to £50.9m.
Ted Baker said, “Ongoing consumer uncertainty in a number of key markets and elevated levels of promotional activity across our global markets have resulted in extremely difficult trading conditions during the financial year to date.
“The board anticipates some of these external factors will continue to impact trade for the group and its trading partners across the remainder of the financial year.”
Lindsay Page the company’s new boss who took over Ray Kelvin in March said, “As a team, we are proactively addressing the challenges we face as an industry.
“Several of our new product initiatives will commence imminently and we are confident in our collections for the coming season.”