Ted Baker issues profit warning amid "uncertain" trading conditions

Ted Baker Plc has announced that due to ongoing consumer uncertainty in a number of key markets and elevated levels of promotional activity across its global markets, it anticipates underlying profit before tax for the year ending January 25, 2020 to be in the range of 50 million to 60 million pounds. For the 19 week period to June 8, 2019, group revenue rose 3.8 percent or 1.9 percent in constant currency compared to the same period last year.

Commenting on the trading, Lindsay Page, Ted Baker’s Chief Executive Officer said in a statement: "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. We are relentlessly focused on achieving cost efficiencies as well as further cost savings throughout the business."

Total retail sales including e-commerce during the 19 week period decreased by 0.3 percent or 1.8 percent in constant currency, while average retail square footage rose by 5.3 percent. Ecommerce sales increased by 2.4 percent or 1.2 percent in constant currency and represented 26 percent of total retail sales. Wholesale sales for the period increased 14.2 percent or 11.4 percent in constant currency. The company added that the period benefitted from incremental footwear revenue, following the acquisition of No Ordinary Shoes Limited and No Ordinary Shoes USA LLC, which completed on January 1, 2019.

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