Shares in clothing retailer Ted Baker (LON:TED) dropped nearly 4 percent on Thursday, after the group warned on ‘challenging’ external trading conditions going into 2018.
The group performed well over the course of 2017, with group revenue rising 11.4 percent to £591.7 million. The figures were boosted by a 10.4 percent rise in retail sales to £442.5 million, with wholesale sales up by 14.6 percent to £149.2 million. Profit before tax increased by 12.3 percent to £68.8 million.
The company went on to warn that unseasonably cold weather had an impact on the early part of trading for the spring/summer season, adding that it expects external trading conditions to remain challenging across many of its global markets.
Ray Kelvin CBE, founder and chief executive, added: “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. We have a clear strategy for growth across both established and new markets which is underpinned by our controlled, multi-channel distribution as well as the design, quality and attention to detail that are at the heart of everything we do.”
Shares in Ted Baker are currently down 3.88 percent at 2,822.00 (0855GMT).