London Markets: Ted Baker shares sliced by a third after reporting first-half loss

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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, -0.56%   meanwhile dropped 0.37% to 7096.11, after suffering its worst percentage decline in two-and-a-half years on Wednesday.

Miners including Glencore GLEN, -1.72%   and Anglo American AAL, -1.63%   paced declines.

Diageo shares DGE, +1.43%  rose 1.4% as tariffs imposed on the beverage maker by the U.S. were not as steep as analysts had feared.