Ted Baker Plc
(“Ted Baker”, the “Group”)
Interim Results Announcement for the 28 weeks ended 10 August 2019
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28 weeks ended 10 August 2019 |
28 weeks ended 11 August 2018 |
Change |
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Group Revenue |
£303.8m |
£306.0m |
(0.7%) |
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(Loss)/Profit Before Tax and Exceptional Items and IFRS 16 |
(£2.7m) |
£25.0m |
(110.6%) |
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(Loss)/Profit Before Tax |
(£23.0m) |
£24.5m |
(193.9%) |
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Basic EPS |
(46.1p) |
42.8p |
(207.7%) |
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Adjusted EPS |
(4.5p) |
43.8p |
(110.3%) |
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Interim Dividend |
7.8p |
17.9p |
(56.4%) |
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Group revenue down 0.7% (2.5% in constant currency) to £303.8m |
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Retail sales including e-commerce down 2.5% (down 4.1% in constant currency) to £214.5m |
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UK and Europe retail sales down 3.9% (down 3.9% in constant currency) to £141.3m |
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North America retail sales up 3.1% (down 2.3% in constant currency) to £63.7m |
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Rest of the World retail sales down 15.2% (down 17.2% in constant currency) to £9.5m |
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E-commerce sales down 1.3% (down 2.4% in constant currency) to £52.3m |
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Selective expansion continued with one new store in Detroit, first German store opened in Hamburg and outlet opened in Metzingen, Germany |
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Wholesale sales up 4.0% (up 1.8% in constant currency) to £89.3m driven by footwear acquisition |
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Licence income down 13.1% to £9.4m |
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Excluding impact from acquisition of footwear business, licence income increased by 2.8% |
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Continued focus and improvement in working capital (net working capital down 9% or £16.8m) |
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Two strategic deals signed to accelerate growth in Asia: |
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Creation of joint venture in China, Hong Kong and Macau |
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Appointed new licence partner in Japan post period end |
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Completed integration of footwear business |
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Continued licence development: |
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New childrenswear product licence agreement with Next post period end |
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Delta Galil men's underwear and loungewear commenced trading |
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Timex global watch licence commenced trading |
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Announcement post period end that Rachel Osborne will join as Chief Financial Officer |
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Commenting, Lindsay Page, Chief Executive, said:
“We are continuing to pro-actively manage the significant challenges impacting our sector including weak consumer spending, macro-economic uncertainty, and the accelerating channel shift towards e-commerce. However, we are not immune to these pressures which have impacted our financial performance during the first half of the year.
Despite this, we have delivered a number of important strategic developments including reorganising our Asia operations to drive long term growth, integrating the acquired footwear business and signing an important new product licence partnership for childrenswear. Our Autumn/Winter collections have been well received and we are excited about our new product initiatives including monthly product drops and speed to market developments.
We remain actively focussed on cost control and driving further efficiencies. Despite the structural challenges and cyclical pressures on the industry, we remain confident in Ted Baker's ability to navigate the market and further develop as a global lifestyle brand. This confidence remains underpinned by the Group's flexible, omni-channel model, the continuing strength of the brand, and the skill, passion and commitment of our talented teams worldwide.”