Ted Baker PLC (LON:TED) shares dropped 4% on Thursday as the fashion retailer warned about challenging trading conditions across many of its global markets at the start of its new financial year 2018 as it reported an increase in full-year profit and e-commerce sales.
The FTSE 250-listed firm saw its pretax profit increase by 12.3% to £68.8mln in the 52 weeks to 27 January 2018, up from £61.3mln a year earlier, as its revenue rose by 11.4% to £591.7mln, up from £531.0mln.
READ: Ted Baker reports rise in Christmas sales on the back of expansion
The group said its retail sales grew by 10.4% in the period, to £442.5mln from £400.7mln, with e-commerce revenue jumping 39.8% to £101.1mln from £72.3mln.
However, Ted Baker said that recent unseasonal weather across Europe and East Coast of America has had an impact on the early part of trading for Spring/Summer, and it anticipates that external trading conditions will remain challenging across many of the group's global markets.
Ray Kelvin, Ted Baker's founder and chief executive, said: “"Our new collections have been received positively and although we anticipate external trading conditions will remain challenging across many of our global markets, the strength of our brand and business model mean that we remain well positioned to continue the group's momentum and long-term development."
In the early morning trading, Ted Baker shares were down 4.1% to 2,816p.