Ted Baker, which was until very recently a stock market darling, has issued its second profit warning in four months.
The business’ share price consequently plummeted, crashing 30% as investors awoke to the bad news.
Group sales were up but retail sales - including ecommerce - slipped 0.3%. Wholesale outperformed retail, rising 14.2%.
Ted Baker’s new chief executive Lindsay Page, the retailer’s former chief operating officer who took over from founder Ray Kelvin stepped down after allegations of inappropriate behaviour, attributed the fall off to tricky, promotion-heavy markets, unseasonable weather and to “challenges” with its spring/summer collections that have been “appropriately addressed”.
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