FTSE LIVE: Sainsbury’s CEO to step down; Ted Baker overstates inventory

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FTSE LIVE: Sainsbury’s boss Mike Coupe steps down; Ted Baker wildly overstates inventory; Burberry raises profit guidance

By This Is Money

Published: | Updated:

Sainsbury’s CEO Mike Coupe has announced he will leave the supermarket giant in the summer. He will be replaced by the company’s director of retail and operations Simon Roberts.

Fashion chain Ted Baker has admitted the size of its overstated inventory was nearly three times higher than previously thought. They say inventory on the group’s balance sheet is £58million rather than the £20million to £25million it stated last month.

Burberry has increased its profit guidance for the year after the luxury firm experienced a three per cent increase in revenue in the last quarter. Sales rose by £8million to £719million from a year earlier.

 

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