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Ted Baker Plc Reduces FY Outlook; Temporarily Suspends Dividend Payments

Ted Baker Plc (TED.L) said its trading over November and the Black Friday period was below expectations, with lower than anticipated margins and sell through. Looking forward, Ted Baker reduced its expectations for the period ending 25th January 2020 to a minimum profit before tax of 5 million pounds, with a potential outcome of up to 10 million pounds dependent on Christmas trading. Also, the Board has determined that dividend payments will be temporarily suspended.

For the 17 week period from 11 August 2019 to 7 December 2019, Group revenue decreased 0.3% (1.2% decrease in constant currency) to 203.8 million pounds. On an organic basis, Group revenue declined 3.1% (3.9% in constant currency).

"We are taking the necessary immediate actions to address underperformance and improve efficiencies across the wider Group and are confident that these will return the Group to a stronger position and continue the Brand's long-term development," Ted Baker said.

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