March 21, 2019 / 7:22 AM / a month ago

Ted Baker posts first profit drop since financial crisis

March 21 (Reuters) - British fashion retailer Ted Baker Plc reported lower annual pretax profit on Thursday, its first decline since the financial crisis, as discounting and uncertainty on Britain’s high street weighed on the company.

Ted Baker, whose founder and Chief Executive Officer Ray Kelvin quit this month after misconduct allegations, said group pretax profit fell 26.1 percent to 50.9 million pounds ($67.29 million) for the year ended Jan. 26.

The company said it had developed a number of strategies and contingency plans to minimise disruptions caused by Brexit, including appointing a working group to work with external advisers to identify key risks. ($1 = 0.7564 pounds)

Reporting by Noor Zainab Hussain and Tanishaa Nadkar in Bengaluru; Editing by Bernard Orr

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