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FTSE 250 fashion house Ted Baker (LON:TED) has cut its profit guidance for the year ended 26th January to £63 million after it was negatively impacted by foreign exchange movements, booked write-downs related to aged stock and international warehousing, and identified £2.5 million in additional product costs during the second half of the year.
The company had already announced that there would be exceptional costs linked to debtor balances from House of Fraser and the acquisition of No Ordinary Shoes.
The price of shares in Ted Baker has dropped by 10.85% to 1,783p (as of 14:20 GMT).