LONDON MARKETS: Ted Baker Shares Sliced By A Third After Reporting First-half Loss
03 Oktober 2019 - 12:51PM
Dow Jones News
By Steve Goldstein, MarketWatch
Shares in U.K.-listed retailer Ted Baker lost more than a third
of its value as the company swung to a loss for the first half.
Ted Baker (TED.LN) shares dropped 35% as the company posted a
GBP23 million loss before tax for the 28 weeks ending Aug. 10, with
revenue weakening 0.7% to GBP303.8 million. It cut its dividend by
more than half and said second-half trading has "started slowly"
due to unseasonably warm weather.
Analysts at Liberum Capital slashed their pretax profit estimate
for the full year by about 39%. "Forecasts and outlook have been
impacted by a very tough market backdrop where discounting is
prevalent, and consumer uncertainty has led to unpredictable
trading patterns," the brokerage said.
Ted Baker shares have now lost 74% over the last 12 months.
The large-cap FTSE 100 meanwhile dropped 0.37% to 7096.11, after
suffering its worst percentage decline in two-and-a-half years on
Wednesday.
Miners including Glencore (GLEN.LN) and Anglo American (AAL.LN)
paced declines.
Diageo shares (DGE.LN) rose 1.4% as tariffs imposed on the
beverage maker by the U.S. were not as steep as analysts had
feared.
(END) Dow Jones Newswires
October 03, 2019 06:36 ET (10:36 GMT)
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