Ted Baker suspends dividend after ‘most challenging’ 12 months in its history
Fashion brand Ted Baker has announced that its year-end performance is set to be under expectations after a ‘challenging’ year.
The brand is taking a ‘more cautious outlook’, reducing its minimum profit before tax to £5m - with a potential outcome of up to £10m dependent on Christmas trading.
A review of the firm’s assets has been ongoing since October, and dividends will be suspended temporarily while the board reviews the group’s strategy.
In a statement this morning, the group commented: “The last 12 months has undoubtedly been the most challenging in our history, yet the Ted Baker brand remains well supported by our customers, partners and trustees and we appreciate their ongoing support.
“We are taking the necessary immediate actions to address underperformance and improve efficiencies across the wider group and are confident that these will return the group to a stronger position and continue the brand’s long-term development.”
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