2 Dec 2019 07:00
December 2nd 2019
Ted Baker Plc
("Ted Baker" or the "Company")
INDEPENDENT REVIEW OF INVENTORY
Ted Baker has identified that the value of inventory held on its balance sheet has been overstated. Based on preliminary analysis, the Board estimates an impact on value of £20m to £25m. The Board believes that any adjustment to inventory value will have no cash impact and will relate to prior years.
The Board has appointed Freshfields Bruckhaus Deringer LLP, and will be appointing independent accountants, to undertake a comprehensive review of this issue, and they will report to a sub-committee, chaired by independent director Sharon Baylay. All costs and fees associated with completing the independent review will be expensed in the period incurred and clearly identified as such.
Ted Baker is 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.
As scheduled, Ted Baker Plc will be announcing its Trading Update for the 17 week period from 11 August 2019 to 7 December 2019 on Wednesday 11 December 2019.
END
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) NO 596/2014.
Enquiries:
Ted Baker Plc
Lindsay Page, Chief Executive Officer
Rachel Osborne, Chief Financial Officer
Hudson Sandler LLP (public relations) Tel: +44 (0) 20 7796 4133
Alex Brennan / Hattie Dreyfus / Nick Moore
tedbaker@hudsonsandler.com