British retailer Ted Baker said Black Friday sales were worse than expected this year, as it cut down its profit forecast and its chairman and new CEO both stepped down
: British retailer Ted Baker said it suffered the “most challenging year” in its 31-year history, after its chairman and its new CEO both stepped down and it issued its fourth profit warning in less than 12 months.
CEO Lindsay page resigned on Tuesday with immediate effect, after being appointed in April to takeover from former CEO Ray Kelvin who wasof “forced hugging” and misconduct, which he denies. Brand chairman David Bernstein also stepped down. The luxury brand drastically lowered its full year pre-tax profit forecast, announcing that it would likely be between £5 million and £10 million , down from an initial forecast of £28.4 million . The company reported a pre-tax profit of £50.9 million last year.The company cited worse than expected trading last month and during Black Friday, bucking the trend of British brands receiving a welcome salesTed Baker shares fell as much as 36% on Tuesday, a 16-year low.
Chief Financial Officer Rachel Osborne is taking over as interim CEO, while non-executive director Sharon Baylay will be acting chair.: Ted Baker has faced blow after blow this year, with its share price tumbling by more than 75% since the start of the year. Last week, its share price fell to a 10-year low after it revealed its accountants hadthe value of its stock by up to £25 million , which Ted Baker is investigating.
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