- Luxury clothing brand cites ‘extremely difficult’ trading conditions for loss of earnings
- Fall in profits follows the departure of Ted Baker's (LON:TED) founder, Ray Kelvin, in March
Ted Baker has revealed forecasted profits of between £50 million and £60 million for the year ending January 2020 – short of the £70.9 million it had previously estimated for that period. Responding to the profit warning, investors sold over £150 million of company shares, causing the firm to lose more than a quarter of its value.
The latest development follows news in March of Ted Baker’s first drop in annual profits since 2008 – coinciding with the exit of the firm’s founder, Ray Kelvin, over allegations of harassment.