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Fashion house Ted Baker (LON:TED) has seen its shares drop by 9.9% to 2,080.30p (as of 10:20 BST) after it reported that pre-tax profits for the 28 weeks ended 11th August fell by 3.2% to £24.5 million. Revenues for the period were £305 million, 3.5%, higher than last year.
Chief executive Ray Kelvin said: “Ted Baker has continued to develop and expand as a global lifestyle brand across its markets and distribution channels despite challenging external trading conditions. This continued growth is testament to the strength of the Ted Baker brand, the design and quality of our collections as well as the dedication and talent of our teams.
Whilst we believe that the second half of the year will remain challenging due to external factors, we are well positioned to continue Ted Baker’s long-term development. Our flexible business model ensures that our customer has multiple channels to engage with Ted Baker and our global e-commerce business continues to expand, supported by our digital marketing strategy and unique stores that showcase the brand“.