Ted Baker shares were slammed on Thursday.
Shares in U.K.-listed retailer Ted Baker lost more than a third of its value as the company swung to a loss for the first half.
Ted Baker TED, -35.06% shares dropped 35% as the company posted a £23 million loss before tax for the 28 weeks ending Aug. 10, with revenue weakening 0.7% to £303.8 million. It cut its dividend by more than half and said second-half trading has “started slowly” due to unseasonably warm weather.
Analysts at Liberum Capital slashed their pretax profit estimate for the full year by about 39%. “Forecasts and outlook have been impacted by a very tough market backdrop where discounting is prevalent, and consumer uncertainty has led to unpredictable trading patterns,” the brokerage said.
Ted Baker shares have now lost 74% over the last 12 months.
The large-cap FTSE 100 UKX, -0.53% meanwhile dropped 0.37% to 7096.11, after suffering its worst percentage decline in two-and-a-half years on Wednesday.
Diageo shares DGE, +1.41% rose 1.4% as tariffs imposed on the beverage maker by the U.S. were not as steep as analysts had feared.