BAKER LOSE
Fashion chain Ted Baker has been warned it risks losing its “mojo” – as shop sales tumble.
The firm has defied the high street gloom, until now. Retail sales edged up 1.1% to £220million in the 28 weeks to mid-August. But while online sales jumped 24%, analysts estimated takings in stores open at least a year fell by around 6%.
Ted Baker blamed this summer’s scorching weather and increased discounting. Meanwhile, half-year profits dropped 3.2% to £24.5m after the loss of £600,000 owed by chain House of Fraser when it went bust.
Its share price dived nearly 10% to a four-year low on the back of the results. Fiona Cincotta, senior market analyst at Cityindex.co.uk, said: “More weak results like these will make it harder to dismiss that creeping sensation that this market darling could be losing some of its mojo.”