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Ted Baker warns on profits

Ted Baker has issued a profit warning following currency movements and a write-down of unsold stock.

Pre-tax profits at the brand for the year to 26 January are now expected to be in the region of £63m.

Analysts had reportedly expected profits of around £74m.

Ted Baker said profits had been adversely affected by the weakness of the pound against the dollar and the euro in the last week of its financial year, as well as £2.5m in additional product costs that arose in the second half.

It added that systems and warehousing transitions in the US and Asia resulted in an unanticipated write-down in the vale of its inventory of around £5m.

Christmas retail sales increased by 12.2% at Ted Baker for the five-week period from 2 December 2018 to 5 January 2019.

Ecommerce sales increased by 18.7% and represented 25.7% of total retail sales.

Founder and chief executive officer Ray Kelvin took a temporary leave of absence from the business at the end of last year following allegations about his conduct with staff. An independent investigation into the allegations is being made by law firm Herbert Smith Freehills. 

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