Ted Baker sees profit at low end of hopes

LONDON (Reuters) - Fashion label Ted Baker Plc (TBK.L) said on Thursday it expected to report full year to end-January 2009 profit at the lower end of market expectations, reflecting its move to cut prices to drive Christmas sales.

The firm, with stores in the UK, United States, continental Europe, the Middle East and Asia and also present in department stores, said the range of market hopes currently stands at 19 million to 23 million pounds.

For the period from November 1 to December 24 Ted Baker's retail sales increased 7.2 percent compared to the same period last year. However, gross margins were down 2.5 percent.

(Reporting by James Davey; editing by Myles Neligan)