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Ted Baker profits down amid tough trading | All Charts News - breaking news english

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Ted Baker

Troubled fashion chain Ted Baker has seen a 26% fall in annual profits amid “very difficult trading conditions”.

The results come less than three weeks after the retailer’s boss, Ray Kelvin, resigned in the wake of allegations of misconduct, including “forced hugging”.

The figures were in line with a profit warning issued last month that sent shares tumbling.

Pre-tax profit for the year to 26 January was £50.9m, down from £68.8m a year earlier.

In its results statement, Ted Baker said it was “determined to learn lessons” from Mr Kelvin’s departure and would ensure that “appropriate changes” were made.

Image copyright Getty Images
Image caption Ray Kelvin founded Ted Baker in 1988

The scandal over Mr Kelvin, who founded the chain and was its chief executive, broke in December, when employees launched an online petition accusing him of inappropriate comments and behaviour.

The petition, on the workplace website Organise, said that more than 200 Ted Baker staff were finally breaking their silence after at least “50 recorded incidents of harassment” at the fashion group.

Staff claimed that as well as engaging them in unwelcome embraces, the brand’s founder had asked young female members of staff to sit on his knee, cuddle him or let him massage their ears.

At the time, Mr Kelvin took a voluntary leave of absence. He stepped down on 4 March.

The firm said its investigation was continuing and would now focus on Ted Baker’s “policies, procedures and handling of HR-related complaints”.