The top directors of fashion brand Ted Baker, CEO Lindsay Page and chairman David Bernstein, resign. They wave off when the British company warns that the profit will be much lower than expected. Ted Baker is struggling with disappointing sales figures during the bargain festival Black Friday.
Ted Baker, which also sells clothing and bags in the Netherlands, has had a turbulent year. In April, Page took over as the successor to the founder of the fashion company, Ray Kelvin, after the latter was accused of sexual harassment in the workplace. Page is now temporarily being followed by financial director Rachel Osborne.
Ted Baker expects a profit before tax of at least 5 million pounds this year, equivalent to 5.9 million euros. Depending on the Christmas sales, that can still amount to more than 10 million pounds. That is considerably less than last year, when a profit of nearly £ 51 million was made. The company looks at cost savings and scraps its dividend for shareholders.
Investors were shocked by the news. The share of Ted Baker was worth a quarter less on Tuesday in early trading on the London stock exchange.
Abaigael Schlomski is an accomplished economist and financial journalist with over a decade of experience in the industry. He is a regular contributor to EconomicInform, where he provides in-depth analysis and expert commentary on the latest economic trends and events. With a keen understanding of the financial markets and a talent for breaking down complex economic concepts for a general audience, Maurice is a trusted and respected voice in the field.