Ted Baker Plc - Update on Independent Review of Inventory
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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.