- Fashion retailer Ted Baker warned that its annual profit would be hit by a series of unexpected costs.

Pre-tax profit for the year through 26 January was now expected to be in the region of £63m, the company said.

Profit had been hit by adverse foreign exchange movements, extra product costs identified through a system upgrade and an inventory write-down.

The guidance excluded previously announced costs associated with an ongoing independent investigation into 'forced hugging' claims at the company.

It also excluded costs relating to debtor balances owed by House of Fraser, the acquisition of No Ordinary Shoes and 'other non-cash impairments relating to retail assets'.

Story provided by