Ted Baker has warned investors that extremely difficult trading conditions are leading to its expectation that its annual profits will fall by around 20 per cent. Group revenues had dropped by 1.1 per cent on a reported basis for the 19 weeks to June 8th, equating to a fall of 2.9 per cent at constant currency.
The business blamed unseasonable weather in the USA and a highly promotional retail environment across its global markets. It is now suggesting that its underlying profit before tax will be in the range of £50m-£60m for the year to 25 January 2020.
“As a team, we are proactively addressing the challenges we face as an industry,” commented CEO Lindsay Page. “We are relentlessly focused on achieving cost efficiencies as well as further cost savings throughout the business.”
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