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Ted Baker bosses resign as firm issues profit warning | Ted Baker bosses resign as firm issues profit warning |
(32 minutes later) | |
Ted Baker boss Lindsay Page, who was only appointed in April, has resigned from the troubled fashion retailer. | Ted Baker boss Lindsay Page, who was only appointed in April, has resigned from the troubled fashion retailer. |
It also issued a profit warning, saying it now expected annual pre-tax profits to be between £5m and £10m. | It also issued a profit warning, saying it now expected annual pre-tax profits to be between £5m and £10m. |
In addition, the fashion firm's executive chairman David Bernstein has stepped down. | In addition, the fashion firm's executive chairman David Bernstein has stepped down. |
Mr Page was promoted to chief executive after Ted Baker founder Ray Kelvin stepped down following allegations of misconduct. | Mr Page was promoted to chief executive after Ted Baker founder Ray Kelvin stepped down following allegations of misconduct. |
Those allegations included claims of "forced hugging", which Mr Kelvin denies. | Those allegations included claims of "forced hugging", which Mr Kelvin denies. |
Chief financial officer Rachel Osborne will become acting chief executive with immediate effect, with Mr Page helping with the transition. | Chief financial officer Rachel Osborne will become acting chief executive with immediate effect, with Mr Page helping with the transition. |
Non-executive director Sharon Baylay will take on the role of acting chair following the departure of Mr Bernstein. | |
Its shares fell sharply in morning trading on Tuesday, before paring losses to stand down about 15%. | |
Crucial Christmas trading | Crucial Christmas trading |
Ted Baker said the past year has been the "most challenging in our history". The firm has been dealing with the fallout of Mr Kelvin's resignation and "challenging" trading conditions. | Ted Baker said the past year has been the "most challenging in our history". The firm has been dealing with the fallout of Mr Kelvin's resignation and "challenging" trading conditions. |
Shares in the firm have fallen by more than 75% since January in a year which has seen it give four profit warnings. | |
It confirmed it had hired consultants Alix Partners to carry out a review of the group's operational efficiency, costs and business model as part of an urgent recovery plan. | It confirmed it had hired consultants Alix Partners to carry out a review of the group's operational efficiency, costs and business model as part of an urgent recovery plan. |
As well as its latest profit warning, it has also announced it has suspended its shareholder dividend payout. | As well as its latest profit warning, it has also announced it has suspended its shareholder dividend payout. |
Analyst consensus in October had been that its full-year profit would be £28.4m. | Analyst consensus in October had been that its full-year profit would be £28.4m. |
It said it was now reducing its full-year trading outlook "to a minimum profit before tax of £5m, with a potential outcome of up to £10m dependent on Christmas trading and final year-end review". | |
It said it had seen worse-than-expected trading and falling sales in November and over Black Friday. | It said it had seen worse-than-expected trading and falling sales in November and over Black Friday. |
Last week its bosses revealed they had uncovered that the group's inventory had been overstated by between £20m and £25m, sparking another tumble in the value of its shares. | Last week its bosses revealed they had uncovered that the group's inventory had been overstated by between £20m and £25m, sparking another tumble in the value of its shares. |