INTERNATIONAL - Shares in Ted Baker shed more than a third of their value on Thursday, after the British fashion retailer’s second profit warning in four months on the back of what new boss Lindsay Page called the worst business conditions in decades.
The warning underlines the challenges facing Page, who became chief executive officer in April, after misconduct allegations against Ted Baker founder and top shareholder Ray Kelvin. The company also tapped a new finance chief last week.
Ted Baker and other high-street retailers face several challenges: weak consumer demand brought on by political uncertainty related to Britain’s departure from the European Union, heavy discounting and the shift to online shopping.
Other brands have also complained about a tough climate, although the world’s second-biggest fashion retailer H&M reported its first quarterly rise in pretax profit in over two years on Thursday.
“We have faced probably the most difficult trading conditions that I can ever recall in 30 years,” Page told Reuters.