Ted Baker CEO and chair quit amid fresh profit warning

The fashion retailer’s boss, Lindsay Page, who only took the reins permanently in April, has stepped down with immediate effect. Finance boss Rachel Osborne has been named interim chief executive.

Executive chair David Bernstein, who had been due to leave the business next year, has also left as Ted Baker wrestles to arrest tumbling sales.

Sharon Baylay has been named acting chair.

The top-level departures come as Ted Baker was forced to issue its third profit warning this year after trading during November and the Black Friday period came in “below expectations”.

Ted Baker it now only expects to make a full-year profit of between £5m and £10m after warning that “difficult trading conditions will continue” through the crucial Christmas period.

The company’s shares tumbled 17.6% in the first hour of trading to 329p. Its shares had been trading at 2,120p in January.

In an eye-watering update that was brought forward 24 hours, Ted Baker said the past year had “undoubtedly been the most challenging in our history”.

In the 17 weeks to December 7, group revenues fell 1.2% on a constant currency basis to £203.8m.

Retail sales tumbled 6.4% to £143m and were down 5.5% on a like-for-like basis.

Wholesale revenues increased 13.7% in constant currencies to £60.8m and edged up 0.6% on a like-for-like basis.

Ecommerce sales were down 1.4% in constant currency.

The downbeat figures came just a week after Ted Baker revealed it had overstated the value of its stock by £25m.

Ted Baker said it has put an action plan in place in a bid to improve the performance of the business.

It has also drafted in Alix Partners to conduct a “wide-ranging review” of costs and its business model. The retailer is also reviewing its property portfolio and has suspended the dividend “temporarily”.

Page said: “I would like to thank everyone at Ted Baker who I have had the pleasure of working with since 1997. In particular, I am grateful for the team’s support over the last 12 months.

“I would also like to take this opportunity to thank Ray Kelvin for the opportunity he gave me 22 years ago to join this fantastic brand and help to achieve his vision of creating a truly international business. I am very proud of everything the team at Ted Baker has achieved together.”