Mixed retail fortunes: quarterly profit for H&M; profit warning for 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.
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. Ted Baker, known for suits, shirts and dresses with quirky details, posted a first-half pretax loss partly due to unseasonably warm weather in September.
The profit warning comes days after fast-fashion retailer Forever 21 filed for bankruptcy in the United States, where Ted Baker has more than 30 shops and sells at Bloomingdale’s stores. Ted Baker in June said it expected annual underlying pretax profit to be between 50 million pounds and 60 million pounds. Analysts at Liberum cut their full-year 2020 pretax profit forecast by about 39% on Thursday.
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