REG - Ted Baker PLC - Update on Independent Review of Inventory
RNS Number : 5583ATed Baker PLC22 January 2020
22 January 2020
Ted Baker Plc
("Ted Baker" or the "Group")
Update on Independent Review of Inventory
On 2nd December 2019 Ted Baker announced that the Board would be appointing independent accountants to undertake a comprehensive review of its stock inventory position. Deloitte was subsequently appointed to conduct that work.
The Deloitte review has now largely concluded and Ted Baker expects to report that the value of inventory held on the Group's balance sheet at 26th January 2019 was overstated by £58m. This is materially higher than the £20-25m preliminary assessment announced on 2nd December 2019. As previously stated, the overstatement is a non-cash item and related to prior years.
The Board plans to next update the market at the Preliminary Results.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) NO 596/2014.
The person responsible for arranging the release of this announcement on behalf of the company is Peter Hearsey-Zoubie, General Counsel and Company Secretary.
Tel: +44 (0) 20 7255 4800
Rachel Osborne, Interim Chief Executive Officer
David Wolffe, Interim Chief Financial Officer
Tel: +44 (0) 20 7353 4200
Jonathan Sibun, Michelle Clarke
Enquiries and further information:
Cautionary statement regarding forward-looking statements
This announcement contains certain forward-looking statements. These forward-looking statements include matters that are not historical facts or are statements regarding the Group's intentions, beliefs or current expectations concerning, among other things, the Group's results of operations, financial condition, liquidity, prospects, growth, strategies, and the industries in which the Group operates.
Forward-looking statements are based on the information available to the Directors at the time of preparation of this announcement, and will not be updated. The Directors can give no assurance that these expectations will prove to have been correct. Due to inherent uncertainties, including both economic and business risk factors underlying such forward looking information, actual results may differ materially from those expressed or implied by these forward-looking statements.
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