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Ted Baker lowers full year profit expectations

By Prachi Singh

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Business

Updating its expectations for the year to January 26, 2019, Ted Baker Plc said that it now expects pre-tax profit to be in the region of 63 million pounds compared to 73.5 million pounds last year; excluding costs associated with the ongoing independent external investigation, exceptional costs relating to debtor balances owed by House of Fraser and the acquisition of No Ordinary Shoes Limited and No Ordinary Shoes USA LLC and other non-cash impairments relating to retail assets.

In a recent trading update in January, the company said, retail sales increased by 12.2 percent or 10.5 percent in constant currency for the five week period from December 2, 2018 to January 5, 2019, while ecommerce sales increased by 18.7 percent or 17.7 percent in constant currency and represented 25.7 percent of total retail sales. The company added that against a backdrop of increased promotional activity, gross margins remain in line with expectations for the full year.

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Ted Baker