// Ted Baker shareholders count on the retailer to record strong Black Friday sales
// The fashion retailer has issued 3 profit warnings this year
Ted Baker shareholders have said they are hoping the retailer will reveal positive news in its trading update next week, in a year which has seen it issue three profit warnings.
The fashion retailer hired consultancy firm AlixPartners to help with a root-and-branch review of its operations, and revealed an overstatement of between £20 million and £25 million in the value of stock held on its balance sheet – in the same week.
Since January, Ted Baker’s shares have slid by more than 75 per cent.
The retailer has faced increased pressure since founder and chief executive Ray Kelvin resigned from the company in March following allegations of “forced hugs” and ear-kissing towards staff – to which he has strongly denied.
In its half-year update in October, Ted Baker swung to a £23 million loss for the six months to August 11 thanks to heavy discounting.
It also reported a 0.7% decline in sales to £303.8 million in the period as it was also impacted by consumer uncertainty.
Meanwhile, shareholders are hoping Ted Baker has recorded strong Black Friday sales.
“From time to time the group engages professional advisers to provide additional expertise in order to help enhance the group’s operations and drive progress against Ted Baker’s strategy to further develop as a global lifestyle brand,” a Ted Baker spokesman said.