×
552
Fashion Jobs
STEPHANIE JACKSON RECRUITMENT.
Beauty Account Manager
Permanent · LONDON
RETAIL CONSEIL PARIS
Region HR Manager, UK + Scandinavia, Luxury Fashion
Permanent · LONDON
FOUR SEASONS RECRUITMENT
Art Consultant
Permanent · LONDON
LIBERTY LTD
Sales Coach - Fashion
Permanent · LONDON
HAYS RECRUIMENT
Merchandising Manager - Growing Jewellery Brand
Permanent · LONDON
FOUR SEASONS RECRUITMENT
Ecommerce Manager
Permanent · LONDON
FOUR SEASONS RECRUITMENT
Sales Supervisor
Permanent · LONDON
TOO FACED
Too Faced Business Manager, Boots - Oxford
Permanent · OXFORD
TOO FACED
Too Faced Business Manager - Boots, Leeds Trinity
Permanent · LEEDS
FOUR SEASONS RECRUITMENT
Merchandising Manager
Permanent · LONDON
360 RESOURCING
Account Manager
Permanent · LONDON
BIMBA Y LOLA
Sales Assistant Brompton Road
Permanent · LONDON
BIMBA Y LOLA
Part Time Sales Assistant Brompton Road
Permanent · LONDON
BIMBA Y LOLA
Sales Assistant Richmond
Permanent · LONDON
NEXT RETAIL LTD
Home Design Consultant
Permanent · CAMBERLEY
NEXT RETAIL LTD
Warehouse Administrator
Permanent · DONCASTER
HAYS RECRUIMENT
E-Commerce Manager
Permanent · LONDON
HAYS RECRUIMENT
Eyewear Account Manager South London
Permanent · LONDON
NEXT RETAIL LTD
Home Design Consultant
Permanent · CARDIFF
NEXT RETAIL LTD
Sales Coordinator - Permanent
Permanent · LONDON
360 RESOURCING
Head Office Recruitment Consultant - Fashion Retail
Permanent · LONDON
360 RESOURCING
Temps Controller / Temps Recruitment Consultant - Fashion Retail
Permanent · LONDON
Advertisements

Ted Baker may have overstated inventory to tune of £25m

Published
today Dec 2, 2019
Reading time
access_time 2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Ted Baker shares nosedived on Monday after the company issued a surprise statement saying it had overstated its inventory to the tune of tens of millions of pounds.


Ted Baker



The company said the value of the stock on its balance sheet was overstated by a figure between £20 million and £25 million. It added that the figures are based on preliminary analysis, although it assured us that “any adjustment to inventory value will have no cash impact and will relate to prior years”.

That didn’t placate investors and the company saw its share price falling from the 395p a share it closed at on Friday to 340p in early trading. However, it has recovered some ground since then and was back at 358p 45 minutes later. Nonetheless, that figure is still almost 10% down from Friday’s close and nowhere need the heady 2,120p each share cost as recently as January.

The share price may not seem hugely important if you’re not a shareholder, but it reflects investors’ lack of confidence in the firm and also means it has a fairly low market capitalisation of just over £163 million rather than a figure closer to £1 billion at the start of this year.

So what happens now? The company, which is due to issue a trading update on December 9, has appointed law firm Freshfields Bruckhaus Deringer LLP, and will be appointing independent accountants, “to undertake a comprehensive review of this issue”. They will report to a sub-committee, chaired by independent director Sharon Baylay.  

Ted Baker also said it’s “committed to ensuring the independent review is completed in an efficient and transparent manner and will update the market as appropriate. Whilst the review is ongoing, the company will not comment further”.

Steve Miley, a senior market analyst at asktraders.com, said: "Ted Baker needs to clean up its act," but added that "it’s worth noting these issues relate to a time when Ray Kelvin was at the helm".

Copyright © 2020 FashionNetwork.com All rights reserved.