Ted Baker edges higher as it unveils new Chinese joint venture
The plan is to open 50 new stores in China, Hong Kong and Macau over the next five years
Company
LON:TED
Ted Baker PLC is a designer brand that operates through three main distribution channels: retail, wholesale and licensing. It offers a range of collections, including menswear, womenswear, global, phormal, endurance, accessories, lingerie and underwear, childrenswear; fragrance and skinwear, footwear, eyewear, and watches.
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The plan is to open 50 new stores in China, Hong Kong and Macau over the next five years
Ted Baker, which saw its CEO and founder step down earlier this month amid allegations of misconduct, blamed consumer uncertainty, unfavourable weather and heavy discounting for the profit fall
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The FTSE 250 though, seen as a better indicator of the state of UK companies, closed down around 41 points at 19,347.
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Not much excitement is expected from the Bank of England, so investor attention will instead be on two of the UK’s troubled clothes retailers: Ted Baker and Next
Ted Baker said Ray Kelvin has agreed to resign with immediate effect
Profit before tax is now expected to be in the region of £63mln
Below we provide a cut-out-and-keep guide to the major quoted retailers and how the quoted retailers performed
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The day includes trading updates from retailers Moss Bros and AO World, plus UK gross domestic product data and US inflation figures
HSBC said there has been no "discernible impact" on brand performance or reputation following reports of sexual harassment claims against boss Ray Kelvin
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A look at some of the day's major stock market movers on Wednesday.
Ted Baker maintained its guidance for the year to January 26 as it expects to end the period with a clean stock position and gross margins in line with estimates.
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The UK blue-chip benchmark added around 45 points at 6,906, while FTSE 250 surged even higher.
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The post-Christmas assessment of the high street will carry on unabated on Wednesday, with updates expected from Ted Baker, Topps Tiles and Majestic Wines
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A look at the day's major movers, including Kibo Energy, Red Rose, Red Emperor Resources, Anglo African Oil & Gas, Mobile Streams, Dunelm and Ted Baker
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The Week Ahead will bring trading updates from the likes of M&S and Debenhams on the general retail front and all three of the listed UK supermarket groups – Morrisons, Sainsbury’s, and Tesco
The fashion retailer said: “The committee and the board have now been made aware of further serious allegations about the conduct of (Kelvin), which it will also be investigating”
Ted Baker's revenue dipped 0.2% in the 16 weeks to December 1, reflecting lower wholesale sales
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The UK index of leading shares finished down over 39 points lower at 7,022.
A petition launched by Ted Baker staff accuses the firm’s founder and boss, Ray Kelvin, of inappropriate comments and behaviour
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A look at some of the London market's biggest risers and fallers on Monday