Ted Baker £58m stock overstatement more than double previous estimates
Ted Baker has said that its stock overstatement has been valued at £58m, which is “materially higher” than initial estimates.
The fashion retailer, which unveiled a stock overstatement that was given the initial valuation of £25m in December, has said that following an independent investigation by Deloitte the value of the stock was in fact overstated by £58m.
The retailer said this overstatement is “materially higher than the £20-£25m preliminary assessment announced in December 2019.”
However, Ted Baker reiterates that the overstatement is a non-cash item and related to prior years.
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