January 22, 2020 / 7:20 AM / a month ago

Ted Baker more than doubles inventory overstatement estimate

Jan 22 (Reuters) - British fashion retailer Ted Baker said on Wednesday inventory on its balance sheet was overstated by 58 million pounds ($75.72 million), more than double its preliminary estimates.

Ted Baker, which appointed Deloitte to conduct a review of its stock inventory position, had previously estimated 20 million pounds to 25 million pounds in inventory overstatement on its balance sheet as of Jan. 26 last year. ($1 = 0.7660 pounds) (Reporting by Yadarisa Shabong in Bengaluru)

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