Fashion retailer Ted Baker said on Wednesday that it had overstated the value of its inventory by more than twice what it originally estimated.
In December, the company said it may have overstated the value of inventory on its balance as at January 2019 by between £20m and £25m. However, a review by Deloitte has shown that it was overstated by £58m.
Ted Baker reiterated that there would be no cash impact for the overstatement that related to prior years.
At 0813 GMT, the shares were down 5.3% at 302.00p.
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