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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Ted Baker Plc    TED   GB0001048619

TED BAKER PLC

(TED)
  Report
Real-time Estimate Quote. Real-time Estimate CHI-X - 02/26 11:30:00 am
312.5 GBp   -0.54%
07:50aTed Baker's tale of management and accounting woes
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07:50aTroubled retailer Ted Baker to cut 102 jobs to reduce costs
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05:04aTED BAKER : Strategic Update
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Ted Baker : CEO exits as Black Friday profit warning pummels shares

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12/10/2019 | 06:24am EST
FILE PHOTO: Shoppers walk past a Ted Baker store on Regents Street in London

Ted Baker's troubles deepened on Tuesday with the sudden exit of the British fashion retailer's chief executive and chairman as it issued another profit warning and suspended its dividend, sending its shares tumbling to a 16-year low.

The problems cap a tumultuous year for Ted Baker after misconduct allegations against Ray Kelvin, its founding former CEO and top shareholder, which he has denied.

Like other British retailers, Ted Baker has been hit by weak consumer demand and last week pressure mounted on its management team when it said it may have overstated inventory by as much as 25 million pounds ($32 million).

"Ted Baker is truly having the nightmare before Christmas," AJ Bell investment director Russ Mould said as the share price fell by as much as 35%, taking its losses for the year to 78%.

Ted Baker said Lindsay Page, who had been with the company for more than two decades but only became CEO eight months ago, was leaving along with its chairman David Bernstein.

Page's promotion in April had been seen as a turning point for Ted Baker, which has been trying to move on from the bad publicity prompted by Kelvin's habit of hugging colleagues with a company-wide push to foster a change in corporate culture.

'COMING APART AT THE SEAMS'

The latest profit warning and the suspension of its dividend raised immediate questions about how Ted Baker, which said it had appointed independent consultants to review its costs and business model, would now get back on track.

"This is a train wreck of an update, and it feels like the company is coming apart at the seams," CMC Markets analyst David Madden said after Ted Baker cut its pre-tax profit forecast to a minimum of 5 million pounds for 2019.

This compared with a 50.9 million pound profit last year.

Kelvin still has a 34.9% stake in Ted Baker, Refinitiv Eikon data shows, and there has been media speculation that he would support a private equity buyout of the business, whose first store opened in 1988 in Glasgow, Scotland.

The company, which started life as a specialist in men's shirts, said its performance during November and the Black Friday sale period, in contrast to some other retailers, was below expectations and discounting had hit gross margins.

In order to fill the gaps left by Page and Bernstein, recently appointed Chief Financial Officer Rachel Osborne will take over as interim CEO, while Sharon Baylay will become acting chair, Ted Baker said.

By Tanishaa Nadkar

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Financials (GBP)
Sales 2020 600 M
EBIT 2020 11,3 M
Net income 2020 -13,5 M
Debt 2020 145 M
Yield 2020 3,15%
P/E ratio 2020 -6,80x
P/E ratio 2021 20,2x
EV / Sales2020 0,48x
EV / Sales2021 0,49x
Capitalization 140 M
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Technical analysis trends TED BAKER PLC
Short TermMid-TermLong Term
TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 7
Average target price 495,83  GBp
Last Close Price 314,20  GBp
Spread / Highest target 307%
Spread / Average Target 57,8%
Spread / Lowest Target -4,52%
EPS Revisions
Managers
NameTitle
Rachel Claire Elizabeth Osborne Chief Executive Officer & Director
Sharon Baylay Chairman
David Wolffe Chief Financial Officer
Andrew R. Jennings Independent Non-Executive Director
Jennifer Roebuck Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
TED BAKER PLC-22.99%182
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KERING-10.37%71 336
FAST RETAILING CO., LTD.1.00%52 298
ROSS STORES4.47%41 900
HENNES & MAURITZ-1.66%31 896