TIDMTED
RNS Number : 6020P
Ted Baker PLC
03 October 2013
3 October 2013
Ted Baker PLC
("Ted Baker", the "Group")
Interim Results for the 28 weeks ended 10 August 2013
'Strong performance across all channels'
28 weeks 28 weeks
ended ended
Highlights 10 August 11 August
2013 2012 Change
Group Revenue GBP155.2m GBP118.6m 30.9%
Profit Before Tax, Bonus provision and Exceptional Costs GBP12.5m GBP9.4m 33.0%
Profit Before Tax and Exceptional Costs GBP11.6m GBP9.4m 24.3%
Profit Before Tax GBP11.6m GBP7.8m 49.7%
Adjusted Basic EPS 20.2p 16.8p 20.2%
Basic EPS 20.2p 13.9p 45.3%
Interim Dividend 9.5p 7.9p 20.3%
-- Retail sales including e-commerce up 30.2% on a 12.4% increase in average square footage
o UK and European retail sales up 22.6% to GBP91.6m
o US and Canada retail sales up 56.8% to GBP25.4m
o Asia retail sales up 78.6% to GBP5.0m
-- E-commerce sales up 51.6% to GBP9.4m
-- Planned expansion continued with:
o Two new stores and an outlet in Shanghai, China
o Further concessions with a leading department store in the US
and an outlet in Toronto, Canada
o Further concessions in France, Spain, the Netherlands, and an
outlet in Belgium
-- Wholesale sales up 33.4% to GBP33.2m
-- Licence income up 7.4% to GBP4.0m
Commenting, Ray Kelvin CBE, Founder and Chief Executive,
said:
"We have been pleased with the Group's performance across all
distribution channels. The last 12 months have seen Ted Baker enter
six new international markets and we have been encouraged by the
reaction to the brand and collections in these latest
territories.
Our results for the full year will, as always, be dependent on
the important second half trading period. However, early trading
has been positive across the business and we remain focussed on
managing the pace of our growth and development of Ted Baker as a
global brand.
Our performance is testament to the passion and dedication of
the Ted team throughout the world."
Enquiries:
Ted Baker PLC Tel: 020 7796 4133 on 3 October 2013 only
Ray Kelvin CBE, Founder and Chief Executive Tel: 020 7255 4800 thereafter
Lindsay Page, Finance Director
Hudson Sandler Tel: 020 7796 4133
Kate Hoare
Michael Sandler
www.tedbaker.com
www.tedbakerplc.com
Media images available for download at:
http://www.tedbakerplc.com/ted/en/mediacentre/imagelibrary
Notes to Editors
Ted Baker PLC - "No Ordinary Designer Label"
Ted Baker is a leading global lifestyle brand distributing
across five continents through its three main distribution
channels: retail (including e-commerce), wholesale and
licensing.
Ted Baker has 341 stores and concessions worldwide, comprising
of 178 in the UK, 60 in Europe, 58 in the US and Canada, 40 in the
Middle East and Asia and 5 in Australasia.
Ted Baker offers a wide range of collections including:
Menswear; Womenswear; Global; Phormal; Endurance; Born by Ted
Baker; Accessories; Lingerie and Sleepwear; Childrenswear;
Fragrance and Skinwear; Footwear; Neckwear; Eyewear; Watches; and
Jewellery, all of which are underpinned by an unwavering emphasis
on design, product quality and attention to detail.
Development of the brand
Our strategy is to become a leading global designer brand, based
on three main elements:
-- considered expansion of our collections. We review our
collections continually to ensure we react to trends and meet our
customers' expectations. In addition, we look for opportunities to
extend the breadth of collections and enhance our offer;
-- controlled distribution through three main channels: retail
(including e-commerce); wholesale; and licensing. We consider each
new opportunity to ensure it is right for the brand and will
deliver margin led growth; and
-- carefully managed development of existing and new
international markets. We continue to manage growth in existing
territories while considering new territories for expansion.
Underlying our strategy is an emphasis on design, product
quality and attention to detail, which is delivered by the passion,
commitment and dedication of our teams, licence partners and
wholesale customers.
Chairman's Statement
I am pleased to announce a strong performance for the first half
of the year, resulting in a 30.9% increase in Group revenue to
GBP155.2m and a 49.7% improvement in profit before tax to GBP11.6m.
Profit before tax, exceptional costs and an employee performance
related bonus provision increased 33.0% to GBP12.5m and profit
before tax and exceptional costs increased 24.3% to GBP11.6m.
The retail division performed well, with sales up 30.2% on a
12.4% increase in average retail square footage. We are pleased
with our performance across all established territories, and
encouraged by the reaction to the Ted Baker brand and collections
in our newer markets. During the first half of the year, we have
continued to invest in the long term development of the brand with
further concessions in the US and Europe and new outlets in Belgium
and Canada. We have continued our expansion in Asia with two store
openings and an outlet in Shanghai, China.
Wholesale sales were up 33.4% to GBP33.2m. Whilst reflecting a
strong performance in both our US and UK wholesale business, which
includes the supply of goods to our licensed stores, growth was
positively impacted by the earlier phasing of sales between the
first and second half of the year.
Licence income increased by 7.4% to GBP4.0m as both our product
and territorial licences continued to perform well. During the
period our licensed partners opened stores in Adelaide, Kuwait,
Beirut, Jakarta and Dubai.
Financial Results
Group revenue increased by 30.9% to GBP155.2m (2012: GBP118.6m)
for the 28 weeks ended 10 August 2013 ("the period"). The composite
gross margin fell to 59.7% (2012: 60.6%), due to a lower wholesale
gross margin. This lower wholesale gross margin was the result of a
greater proportion of wholesale sales to our territorial license
partners, which carry a lower margin and a slight reduction in the
underlying wholesale margin due to the product mix.
Operating expenses increased in line with expectations by 27.4%
in the period to GBP84.0m (2012: GBP65.9m), which is reflective of
our significant investment in people and infrastructure to support
the longer term development of the brand through our international
expansion. Over the last year this included entry into six new
countries, two of which were through a licensed partner.
Distribution costs, which largely comprise the cost of retail
stores, outlets and concessions increased by 28.4% to GBP62.0m
(2012: GBP48.3m) and as a percentage of retail sales decreased to
50.9% (2012: 51.6%).
Administrative expenses increased by 24.7% to GBP21.9m (2012:
GBP17.6m) due to the growth of central operations within the UK and
overseas to support our expansion into new and existing
international markets. Excluding the employee performance related
bonus provision of GBP0.9m (2012: Nil), administrative expenses
increased by 19.3% to GBP21.0m. Exceptional costs for the period
were nil (2012: GBP1.6m).
Profit before tax, exceptional costs and bonus provision
increased 33.0% to GBP12.5m (2012: GBP9.4m) and profit before tax
and exceptional costs increased by 24.3% to GBP11.6m (2012:
GBP9.4m). Profit before tax increased 49.7% to GBP11.6m (2012:
GBP7.8m). Adjusted basic earnings per share excluding exceptional
costs increased by 20.2% to 20.2p (2012: 16.8p) whilst basic
earnings per share increased by 45.3% to 20.2p (2012: 13.9p).
Diluted earnings per share rose 48.5% to 19.6p (2012: 13.2p) whilst
adjusted diluted earnings per share rose 23.3% to 19.6p (2012:
15.9p).
Net interest payable during the period was GBP0.5m (2012:
GBP0.2m). This increase reflects higher Group borrowing compared to
the prior period due to significant capital expenditure and
increased working capital. The foreign exchange loss during the
period of GBP0.6m (2012: loss of GBP0.1m) was due to the
retranslation of monetary assets and liabilities denominated in
foreign currencies.
The effective tax rate of 25.9% (2012 full year effective rate:
25.3%) is higher than the UK corporation tax rate due to higher
overseas tax rates and to the non-recognition of losses in some
overseas territories during their development phase.
The net decrease in cash and cash equivalents of GBP19.3m (2012:
GBP20.7m) primarily reflected an increase in inventories and
further capital expenditure during the period.
Total working capital, which comprises inventories, trade and
other receivables and trade and other payables, increased by
GBP16.9m to GBP75.3m (2012: GBP58.4m). This was mainly due to a
GBP16.9m increase in inventories to GBP75.8m (2012: GBP58.9m)
reflecting the growth of our business and some earlier phasing of
stock deliveries between the first and second half of the year. The
increase in intangible assets reflects our investment in a new
e-commerce platform and other systems to support our future
growth.
Capital expenditure of GBP8.1m (2012: GBP12.9m) reflected the
opening and refurbishment of stores and concessions in both new and
existing markets, as well as investment in some new stores and
concessions due to open in the second half of the year. We have
invested in a new e-commerce platform, which will go live during
the second half of the year. We expect full year capital
expenditure to be in the region of GBP18.0m.
Borrowing Facilities
In July, the Group increased its three year committed borrowing
facility with the Royal Bank of Scotland and Barclays from GBP40.0m
to GBP50.0m. This will remain in place until the facility expires
on 1 March 2015. The increase is a function of the growth in our
business and will also support further store openings.
Dividends
The Board has declared an interim dividend of 9.5p (2012: 7.9p),
representing an increase of 20.3%, which will be payable on 22
November 2013 to shareholders on the register at the close of
business on 18 October 2013.
People
Our strong performance in the first half of the year is
testament to the passion and commitment of the Ted team throughout
the world. I would like to take this opportunity to thank all of my
colleagues for their dedication and hard work as we continue to
successfully develop the Ted Baker brand both in the UK and
internationally.
It is with great sadness that I have to report that Robert
Breare, a colleague and former Non-Executive Chairman, passed away
in July. During his 11 year tenure, Robert combined his
entrepreneurial insight with an infectious enthusiasm for the
business to make a major contribution to the Company during a
significant period of global development. The Company acknowledges
his contribution with gratitude and he will be sadly missed by his
colleagues.
Global Group Performance
Retail
We operate stores and concessions across the UK, Europe, the US,
Canada and Asia and an e-commerce business based in the UK,
primarily serving the UK and Europe, with a separate site dedicated
to the Americas. We also have an e-commerce business with some of
our concession partners.
Retail sales, including e-commerce, were up 30.2% to GBP122.0m
(2012: GBP93.7m) with average retail square footage increasing by
12.4% to 297,011 sq.ft (2012: 264,138 sq.ft). Retail sales per
square foot increased 14.5% to GBP379 (2012: GBP331).
Our e-commerce business performed well during the period,
resulting in a 51.6 % increase in sales to GBP9.4m (2012: GBP6.2m),
driven by growth across all channels.
The retail gross margin increased slightly to 64.7% (2012:
64.6%).
Retail operating costs increased in line with our expectation to
GBP61.5m (2012: GBP47.8m), with an increase in retail contribution
margin to 14.2% (2012: 13.6%).
Wholesale
We currently operate a wholesale business in the UK serving
Europe, and our license partners across the world. We also operate
a wholesale business in the US from an office in Los Angeles
Group wholesale sales were 33.4% above the same period last year
at GBP33.2m (2012: GBP24.9m) with a gross margin of 41.5% (2012:
45.4%). Whilst this reflects a good performance from UK and US
wholesale business, the result was positively impacted by the
earlier phasing of sales between the first and second half of the
year.
The fall in wholesale margin is reflective of a greater
proportion of wholesale sales to our territorial license partners
which carry a lower margin and a slight reduction in the underlying
wholesale margin due to the product mix. We anticipate the
wholesale margin in the second half of the year being closer to the
same period last year.
Licence Income
We operate both territorial and product licences. Our
territorial licences cover the Middle East, Asia and Australasia,
through which we operate licensed retail stores and, in some
territories, wholesale operations. Our product licences cover
lingerie and sleepwear, fragrance and skinwear, watches, footwear,
eyewear, men's suits, neckwear, jewellery and childrenswear.
Licence income was up 7.4% to GBP4.0m (2012: GBP3.7m) as a
result of a good performance across both territorial and product
licences. Notably there were good performances from our product
licensees in footwear, eyewear and men's suits. Our licensed stores
in the Middle East and Asia, operated by our territorial partner,
RSH Limited, also performed well during the period with further
openings planned as a result.
Collections
Ted Baker Womenswear delivered a very strong performance with
sales up 35.7% to GBP89.7m (2012: GBP66.1m). In addition to
performing very strongly, Womenswear also benefitted from a
disproportionate share of new space opened in the period. Ted Baker
Menswear also performed very well with sales increasing 24.8% to
GBP65.5m (2012: GBP52.5m), reflecting a positive reaction to the
collections both in the UK and internationally.
Womenswear represented 57.8% of total sales (2012: 55.7%) during
the period and Menswear represented 42.2% of total sales (2012:
44.3%) during the period. The split between both is broadly
reflective of the division in retail selling space between
Womenswear and Menswear.
Geographic Performance
United Kingdom & Europe
Sales in the period in the UK and Europe increased 25.1% to
GBP119.7m (2012: GBP95.7m).
Sales in the retail division were up 22.6% to GBP91.6m (2012:
GBP74.7m). During the period we opened concessions with leading
department stores in France, Spain and the Netherlands along with
an outlet in Belgium. The reaction to the collections has been
encouraging. In the UK, we opened an accessories store at Gatwick
airport and closed the Kings Road store.
Average square footage rose by 4.2% over the period to 209,653
sq.ft (2012: 201, 153 sq.ft), largely driven by growth in Europe.
At 10 August 2013, total retail square footage was 211,594 sq.ft
(2012: 203,989 sq.ft), representing an increase of 3.7%. Retail
sales per square foot increased by 15.2% from GBP342 to GBP394
reflecting the strength of our collections both in the UK and
Europe.
At 10 August 2013, we operated 34 stores (2012: 34), 193
concessions (2012: 171) and 11 outlet stores (2012: 10).
Sales from our UK wholesale business increased by 34.3% to
GBP28.2m (2012: GBP21.0m) reflecting a good performance from our UK
wholesale business and continued growth in our wholesale export
business. However, part of this increase is due to earlier phasing
of sales between the first and second half of the year.
US & Canada
Sales in the period in the US and Canada increased 47.3% to
$46.7m (2012: $31.7m), which in sterling was a 51.7% increase to
GBP30.5m (2012: 20.1m). We are pleased with the significant
progress we are making across all distribution channels in the US
and Canada and the brand continues to gain traction and
recognition.
Sales from our retail division increased by 52.0% to $38.9m
(2012: $25.6m), which in sterling was equivalent to sales up 56.8%
to GBP25.4m (2012: GBP16.2m). During the period we opened further
concessions through a leading department store in the US and an
outlet in Toronto, Canada.
Average square footage rose 28.5% over the period to 69,703
sq.ft (2012: 54,261 sq.ft). At 10 August 2013, total retail square
footage was up 20.6% on last year at 73,877 sq.ft (2012: 61,266
sq.ft). Retail sales per square foot rose 20.5% from $464 to
$559.
As at 10 August 2013, we operated 37 concessions across the
United States and Canada (2012: 26), 16 stores (2012: 15) and 5
outlet stores (2012: 3).
Sales from our US wholesale business increased by 25.8% to $7.8m
(2012: $6.2m) reflecting the continued growth of the business in
this territory.
Middle East, Asia & Australasia
We continue to develop the Ted Baker brand across the Middle
East, Asia and Australasia, through our retail and licensing
channels. We work closely with our territorial partners to ensure
the visual merchandising of the licensed stores and training of the
teams is reflective of the Ted Baker culture.
Retail sales in Asia increased 78.6% to GBP5.0m (2012: GBP2.8m),
with average square footage up 102.4% to 17,655 sq.ft (2012: 8,724
sq.ft). Whilst we have been encouraged by the reaction to the
brand, we are mindful that we are in the very early stages of
growth in this territory, and continue to make considerable
investment in people and infrastructure to support the long term
growth of the brand.
Our expansion in Asia continued during the period with the
opening of two stores and an outlet in Shanghai, China and our
first concession with a leading department store in Tokyo.
In May, we opened two stores in Jakarta, Indonesia, with our
licence partner in this territory, RSH Limited. As a result, as at
10 August 2013, we operated a total of 28 stores across Asia (2012:
20).
Our licensed stores across the Middle East continued to perform
well during the period, with openings in Lebanon, Kuwait and Dubai.
As at 10 August 2013, we operated 12 stores across the Middle East
(2012: 7 stores).
In March, we opened a store in Adelaide, Australia through a
joint venture with our Australasian licence partner, Flair
Industries Pty Ltd, which has started well. As at 10 August 2013,
we operated 5 stores in Australasia (2012: 4 stores).
Current Trading and Outlook
Group
The Ted Baker brand continues to perform well and we are
encouraged by the positive reaction to our Autumn/Winter
collections.
We believe that we are well placed to deal with the
opportunities and challenges ahead and look forward to the
continuing expansion and long term investment in our business in
the UK and overseas in the second half of the year.
Retail
The second half has started in accordance with our expectations
and we have continued our international expansion by opening
further concessions in Europe and our first concessions in China
through a leading department store. As we reach the anniversary of
our significant retail openings last year, the increase in average
retail selling space will necessarily reduce in the second half. As
a result, we expect the level of retail growth in the second half
of the year to be below that of the first half.
As part of the ongoing review of our store portfolio, we
anticipate some one-off costs in the second half of the year as we
exit stores that are no longer appropriate for the brand, or take
the opportunity to relocate to better locations.
We will launch our new e-commerce platform for the UK during the
second half of the year. This will drive multi-channel
opportunities and provide local content to our European customers,
contributing to the long term development of the brand in our
international markets.
Wholesale
The strong performance in our UK and US wholesale business has
been positively impacted by the earlier phasing of sales between
the first and second half of the year. As a result of this, we
anticipate low double digit growth in our wholesale business in the
second half of the year.
Licence Income
Our product and territorial licences continue to perform in line
with expectations. Our licence partner in the Middle East will be
opening stores in Abu Dhabi and Cairo in the second half of the
year.
Outlook
Whilst we have made a strong start to the financial year, our
results for the full year will, as always, be dependent on the
second half trading period. We will continue to manage the pace of
our investment for the long term development of Ted Baker as an
international brand.
We intend to make our next interim management statement,
covering the period since the start of the second half of the
financial year, in mid-November.
David Bernstein
Non-Executive Chairman
03 October 2013
Condensed Group Income Statement
For the 28 weeks ended 10 August 2013
Unaudited 28 weeks Unaudited 28 weeks Audited
ended ended 52 weeks ended
10 August 11 August 26 January
Note 2013 2012 2013
GBP'000 GBP'000 GBP'000
Revenue 2 155,208 118,607 254,466
Cost of sales (62,541) (46,775) (95,740)
------------------- ------------------- ----------------
Gross profit 2 92,667 71,832 158,726
Distribution costs (62,046) (48,329) (101,357)
Administrative expenses (21,905) (17,571) (32,984)
Exceptional costs 3 - (1,589) (2,614)
Licence income 4,010 3,733 7,509
Other operating (expense)/income (115) (117) 234
Operating profit 2 12,611 7,959 29,514
Finance income 4 27 29 34
Finance expenses 4 (1,124) (317) (824)
Share of profit of jointly controlled entity,
net of tax 108 92 198
Profit before tax 2 11,622 7,763 28,922
Income tax expense 7 (3,008) (1,964) (7,325)
------------------- ------------------- ----------------
Profit for the period 8,614 5,799 21,597
------------------- ------------------- ----------------
Earnings per share 5
Basic 20.2p 13.9p 51.5p
Diluted 19.6p 13.2p 49.9p
Condensed Group Statement of Comprehensive Income
For the 28 weeks ended 10 August 2013
Unaudited 28 weeks Unaudited 28 weeks Audited
ended ended 52 weeks ended
10 August 11 August 26 January
2013 2012 2013
GBP'000 GBP'000 GBP'000
Profit for the period 8,614 5,799 21,597
------------------- ------------------- ----------------
Other comprehensive (loss) / income
Items that may be reclassified subsequently to the income
statement:
Net effective portion of changes in fair value of cash
flow hedges (101) (101) (320)
Net change in fair value of cash flow hedges transferred
to profit or loss (169) 149 723
Exchange rate movement (763) (52) 152
------------------- ------------------- ----------------
Other comprehensive loss for the period, net of tax (1,033) (4) 555
Total comprehensive income for the period 7,581 5,795 22,152
------------------- ------------------- ----------------
Condensed Group Statement of Changes in Equity - Unaudited
For the 28 weeks ended 10 August 2013
Cash flow
Share premium hedging Translation Retained
Share capital account reserve reserve earnings Total equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 26
January 2013 2,160 9,137 91 296 87,209 98,893
Comprehensive
income for the
period
Profit for the
period - - - - 8,614 8,614
Deferred tax
associated
with movement
in hedging
reserve - - 74 - - 74
Current tax
associated
with movements
in foreign
exchange - - - 318 - 318
Effective
portion of
changes in
fair value of
cash flow
hedges - - (129) - - (129)
Net change in
fair value of
cash flow
hedges
transferred to
profit or loss - - (215) - - (215)
Exchange rate
movement - - - (1,081) - (1,081)
---------------- ---------------- --------------- --------------- --------------- -------------
Total
comprehensive
income for the
period - - (270) (763) 8,614 7,581
---------------- ---------------- --------------- --------------- --------------- -------------
Transactions
with owners
recorded
directly in
equity
Share options /
awards charge - - - - 140 140
Movement on
current /
deferred tax on
share options /
awards - - - - - -
Disposal of own
/ treasury
shares - - - - 71 71
Dividends paid - - - - (7,965) (7,965)
---------------- ---------------- --------------- --------------- --------------- -------------
Total
transactions
with owners - - - - (7,754) (7,754)
---------------- ---------------- --------------- --------------- --------------- -------------
Balance at 10
August 2013 2,160 9,137 (179) (467) 88,069 98,720
---------------- ---------------- --------------- --------------- --------------- -------------
Condensed Group Statement of Changes in Equity - Unaudited
For the 28 weeks ended 11 August 2012
Cash flow
Share premium hedging Translation Retained
Share capital account reserve reserve earnings Total equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 28
January 2012 2,160 9,137 (312) 144 74,056 85,185
Comprehensive
income for the
period
Profit for the
period - - - - 5,799 5,799
Deferred tax
associated
with movement
in hedging
reserve - - 12 - - 12
Effective
portion of
changes in
fair value of
cash flow
hedges - - (113) - - (113)
Net change in
fair value of
cash flow
hedges
transferred to
profit or loss - - 149 - - 149
Exchange rate
movement - - - (52) - (52)
---------------- ---------------- --------------- --------------- --------------- -------------
Total
comprehensive
income for the
period - - 48 (52) 5,799 5,795
---------------- ---------------- --------------- --------------- --------------- -------------
Transactions
with owners
recorded
directly in
equity
Share options /
awards charge - - - - 205 205
Movement on
current /
deferred tax
on share
options /
awards - - - - 735 735
Disposal of own
/ treasury
shares - - - - 204 204
Dividends paid - - - - (6,767) (6,767)
---------------- ---------------- --------------- --------------- --------------- -------------
Total
transactions
with owners - - - - (5,623) (5,623)
---------------- ---------------- --------------- --------------- --------------- -------------
Balance at 11
August 2012 2,160 9,137 (264) 92 74,232 85,357
---------------- ---------------- --------------- --------------- --------------- -------------
Condensed Group Statement of Changes in Equity - Audited
For the 52 weeks ended 26 January 2013
Cash flow
Share premium hedging Translation Retained
Share capital account reserve reserve earnings Total equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 28
January 2012 2,160 9,137 (312) 144 74,056 85,185
Comprehensive
income for the
period
Profit for the
period - - - - 21,597 21,597
Deferred tax
associated
with movement
in hedging
reserve - - (131) - - (131)
Effective
portion of
changes in
fair value of
cash flow
hedges - - (189) - - (189)
Net change in
fair value of
cash flow
hedges
transferred to
profit or loss - - 723 - - 723
Exchange rate
movement - - - 152 - 152
---------------- ---------------- --------------- --------------- --------------- -------------
Total
comprehensive
income for the
period - - 403 152 21,597 22,152
---------------- ---------------- --------------- --------------- --------------- -------------
Transactions
with owners
recorded
directly in
equity
Share options /
awards charge - - - - 240 240
Movement on
current /
deferred tax
on share
options /
awards - - - - 1,225 1,225
Disposal of own
/ treasury
shares - - - - 222 222
Dividends paid - - - - (10,131) (10,131)
---------------- ---------------- --------------- --------------- --------------- -------------
Total
transactions
with owners - - - - (8,444) (8,444)
---------------- ---------------- --------------- --------------- --------------- -------------
Balance at 26
January 2013 2,160 9,137 91 296 87,209 98,893
---------------- ---------------- --------------- --------------- --------------- -------------
Condensed Group Balance Sheet
At 10 August 2013
Unaudited Unaudited Audited
Note 10 August 2013 11 August 2012 26 January 2013
GBP'000 GBP'000 GBP'000
Non-current assets
Intangible assets 3,322 910 983
Property, plant and equipment 45,737 43,520 45,412
Investments in equity accounted investee 801 587 693
Deferred tax assets 6,094 3,431 4,523
Prepayments 620 623 674
---------------- ---------------- -----------------
56,574 49,071 52,285
---------------- ---------------- -----------------
Current assets
Inventories 75,821 58,869 67,673
Trade and other receivables 33,372 30,038 34,124
Amount due from equity accounted investee 477 396 225
Derivative financial assets 920 507 544
Cash and cash equivalents 9 10,069 7,378 9,823
---------------- ---------------- -----------------
120,659 97,188 112,389
---------------- ---------------- -----------------
Current liabilities
Trade and other payables (33,867) (30,482) (40,793)
Bank overdraft 9 (40,024) (26,381) (19,862)
Income tax payable (1,177) (1,555) (4,360)
Derivative financial liabilities (1,193) (1,789) (269)
---------------- ---------------- -----------------
(76,261) (60,207) (65,284)
---------------- ---------------- -----------------
Non-current liabilities
Deferred tax liabilities (2,252) (695) (497)
---------------- ---------------- -----------------
(2,252) (695) (497)
---------------- ---------------- -----------------
Net assets 98,720 85,357 98,893
---------------- ---------------- -----------------
Equity
Share capital 2,160 2,160 2,160
Share premium account 9,137 9,137 9,137
Other reserves (179) (264) 91
Translation reserve (467) 92 296
Retained earnings 88,069 74,232 87,209
---------------- ---------------- -----------------
Total equity 98,720 85,357 98,893
---------------- ---------------- -----------------
Condensed Group Cash Flow Statement
For the 28 weeks ended 10 August 2013
Note Unaudited Unaudited Audited
28 weeks ended 28 weeks ended 52 weeks ended
10 August 11 August 26 January
2013 2012 2013
GBP'000 GBP'000 GBP'000
Cash generated from operations
Profit for the period 8,614 5,799 21,597
Adjusted for:
Income tax expense 3,008 1,964 7,325
Depreciation 5,615 4,944 9,040
(Profit) / loss on disposal of property, plant & equipment 108 37 765
Net impairment credit - - 102
Share options / awards charge 140 205 240
Net finance losses 1,097 233 789
Net change in derivative financial assets and liabilities 204 432 (1,461)
Share of profit in joint venture (108) (92) (198)
Decrease in non current prepayments 64 32 29
Increase in inventories (7,937) (7,017) (15,762)
(Decrease) / increase in trade and other receivables (993) 681 (2,570)
(Decrease) / increase in trade and other payables (6,893) (4,818) 5,586
Interest paid (499) (187) (633)
Income taxes paid (5,751) (3,425) (7,122)
---------------- ---------------- ----------------
Net cash generated from operating activities (3,331) (1,212) 17,727
---------------- ---------------- ----------------
Cash flow from investing activities
Purchases of property, plant & equipment & intangibles (8,105) (12,925) (19,774)
Proceeds from sale of property, plant & equipment 1 7 9
Interest received 1 2 8
---------------- ---------------- ----------------
Net cash from investing activities (8,103) (12,916) (19,757)
---------------- ---------------- ----------------
Cash flow from financing activities
Proceeds from option holders for exercise of options 71 204 222
Dividends paid (7,965) (6,767) (10,131)
---------------- ---------------- ----------------
Net cash from financing activities (7,894) (6,563) (9,909)
---------------- ---------------- ----------------
Net decrease in cash and cash equivalents (19,328) (20,691) (11,939)
Cash and cash equivalents at 26 January 2013 / 28 January 2012 (10,039) 1,770 1,770
Exchange rate movement (588) (82) 130
---------------- ---------------- ----------------
Net Cash and cash equivalents at 10 August 2013 /
11 August 2012 / 26 January 2013 (29,955) (19,003) (10,039)
---------------- ---------------- ----------------
Cash and cash equivalents at 10 August 2013 / 11 August 2012 /
26 January 2013 10,069 7,378 9,823
Bank overdraft at 10 August 2013 / 11 August 2012 / 26 January
2013 (40,024) (26,381) (19,862)
---------------- ---------------- ----------------
Net Cash and cash equivalents at 10 August 2013 /
11 August 2012 / 26 January 2013 (29,955) (19,003) (10,039)
---------------- ---------------- ----------------
Notes to the Condensed Interim Financial Statements
For the 28 weeks ended 10 August 2013
1. Basis of preparation
a. Reporting entity
Ted Baker PLC is a company domiciled in the United Kingdom. The
condensed interim financial statements ("interim financial
statements") of Ted Baker PLC as at, and for the 28 weeks ended, 10
August 2013 comprise the Company and its subsidiaries (together
referred to as the "Group").
The Group financial statements as at, and for the 52 weeks
ended, 26 January 2013 are available upon request from the
Company's registered office at Ted Baker PLC, The Ugly Brown
Building, 6a St. Pancras Way, London NW1 0TB or at
www.tedbakerplc.com.
b. Statement of compliance
These interim financial statements have been prepared in
accordance with "IAS 34 Interim Financial Reporting" as adopted by
the EU and the requirements of the Disclosures and Transparency
Rules. They do not include all of the information required for full
annual financial statements and should be read in conjunction with
the Group financial statements as at, and for the 52 weeks ended,
26 January 2013. These interim financial statements were approved
by the Board of Directors on 3 October 2013.
The comparative figures for the 52 weeks ended 26 January 2013
are not the Company's statutory accounts for that financial year.
Those accounts have been reported on by the Company's auditors and
delivered to the registrar of companies. The report of the auditors
was (i) unqualified; (ii) did not include a reference to any
matters to which the auditors drew attention by way of emphasis
without qualifying their report; and (iii) did not contain a
statement under section 498(2) or (3) of the Companies Act 2006.
These sections address whether proper accounting records have been
kept, whether the Company's accounts are in agreement with these
records and whether the auditors have obtained all the information
and explanations necessary for the purposes of the audit.
The financial information in this document is unaudited, but has
been reviewed by the auditors in accordance with the Auditing
Practices Board guidance on Review of Interim Financial
Information.
c. Going concern
The Group financial statements for the 52 weeks ended 26 January
2013, approved by the Board on 21 March 2013, included information
on the business environment in which the Group operates, including
the factors that are likely to impact the future prospects of the
Group, together with the principal risks and uncertainties that the
Group faces. In addition, the notes to the consolidated financial
statements set out the Group's objectives, policies and processes
for managing its financial and capital risk and its exposures to
credit, market and liquidity risk. Many of the risks and
uncertainties reported are such that their potential to impact the
Group's operations are inherent and remain valid as regards to
their potential impact during the second half of 2013. The impact
of the economic environment in which the Group's businesses operate
is considered in the Chairman's Statement.
The Directors have prepared trading and cash flow forecasts for
a period of one year from the date of approval of these interim
financial statements. The Directors have a reasonable expectation
that the Group has adequate cash headroom and expects to meet all
banking covenant requirements. Accordingly, they continue to adopt
a going concern basis in preparing the financial statements of the
Group.
d. Significant accounting policies
The accounting policies adopted in these interim financial
statements are consistent with those followed in the preparation of
the Group's annual financial statements for the 52 weeks ended 26
January 2013. Adoption of amendments to published standards and
interpretations effective for the Group for the half year ended 10
August 2013 have had no significant impact on the financial
position and performance of the Group.
2. Segment information
Segment revenue and segment result
Unaudited - 28 weeks ended 10 August 2013 Retail Wholesale Licence income Total
GBP'000 GBP'000 GBP'000 GBP'000
Revenue 121,974 33,234 - 155,208
Cost of sales (43,107) (19,434) - (62,541)
--------- ---------- --------------- ---------
Gross profit 78,867 13,800 - 92,667
Operating costs (61,506) - - (61,506)
--------- ---------- --------------- ---------
Operating contribution 17,361 13,800 - 31,161
Licence income - - 4,010 4,010
--------- ---------- --------------- ---------
Segment result 17,361 13,800 4,010 35,171
Reconciliation of segment result to profit before tax
Segment result 17,361 13,800 4,010 35,171
Other operating costs (22,445)
Exceptional costs -
Other operating expense (115)
Operating profit 12,611
Net finance expense (1,097)
Share of profit of jointly controlled entity, net of tax 108
---------
Profit before tax 11,622
---------
Capital expenditure 6,286 136 - 6,422
Unallocated capital expenditure 1,675
---------
Total capital expenditure 8,097
---------
Depreciation 4,338 71 - 4,409
Unallocated depreciation 1,206
---------
Total depreciation 5,615
---------
Segment assets 130,898 33,566 - 164,464
Other assets 12,769
---------
Total assets 177,233
---------
Segment liabilities (58,069) (15,822) - (73,891)
Other liabilities (4,622)
---------
Total liabilities (78,513)
---------
Net assets 98,720
---------
Unaudited - 28 weeks ended 11 August 2012 Retail Wholesale Licence income Total
GBP'000 GBP'000 GBP'000 GBP'000
Revenue 93,702 24,905 - 118,607
Cost of sales (33,185) (13,590) - (46,775)
--------- ---------- --------------- ---------
Gross profit 60,517 11,315 - 71,832
Operating costs (47,811) - - (47,811)
--------- ---------- --------------- ---------
Operating contribution 12,706 11,315 - 24,021
Licence income - - 3,733 3,733
--------- ---------- --------------- ---------
Segment result 12,706 11,315 3,733 27,754
Reconciliation of segment result to profit before tax
Segment result 12,706 11,315 3,733 27,754
Other operating costs (18,089)
Other operating income (1,589)
Other operating expense (117)
---------
Operating profit 7,959
Net finance expense (288)
Share of profit of jointly controlled entity, net of tax 92
---------
Profit before tax 7,763
---------
Capital expenditure 11,796 109 11,905
Unallocated capital expenditure - 1,086
---------
Total capital expenditure 12,991
---------
Depreciation 3,519 118 3,637
Unallocated depreciation - 1,307
---------
Total depreciation 4,944
---------
Segment assets 108,146 28,691 136,837
Other assets - 9,422
---------
Total assets 146,259
---------
Segment liabilities (44,923) (11,940) - (56,863)
Other liabilities (4,039)
---------
Total liabilities (60,902)
---------
Net assets 85,357
---------
Audited - 52 weeks ended 26 January 2013 Retail Wholesale Licence income Total
GBP'000 GBP'000 GBP'000 GBP'000
Revenue 207,953 46,513 254,466
Cost of sales (70,268) (25,472) - (95,740)
----------------------- ---------- --------------- ----------
Gross profit 137,685 21,041 - 158,726
Operating costs (100,121) - - (100,121)
----------------------- ---------- --------------- ----------
Operating contribution 37,564 21,041 - 58,605
Licence income - - 7,509 7,509
----------------------- ---------- --------------- ----------
Segment result 37,564 21,041 7,509 66,114
Reconciliation of segment result to profit before
tax
Segment result 37,564 21,041 7,509 66,114
Other operating costs (34,220)
Exceptional costs (2,614)
Other operating income 234
----------
Operating profit 29,514
Net finance expense (790)
Share of profit of jointly controlled entity, net
of tax 198
----------
Profit before tax 28,922
----------
Capital expenditure 17,358 194 - 17,552
Unallocated capital expenditure 2,305
----------
Total capital expenditure 19,857
----------
Depreciation 6,814 199 - 7,013
Unallocated depreciation 2,027
----------
Total Depreciation 9,040
----------
Segment assets 126,688 26,842 - 153,530
Other assets 11,144
----------
Total assets 164,674
----------
Segment liabilities (49,568) (11,087) - (60,655)
Other liabilities (5,126)
----------
Total liabilities (65,781)
----------
Net assets 98,893
----------
3. Exceptional costs
The directors believe that the profit before exceptional items
and the adjusted earnings per share measures provide additional
useful information for shareholders on the underlying performance
of the business. These measures are consistent with how underlying
business performance is measured internally.
The exceptional profit before tax measure is not a recognised
profit measure under IFRS and may not be directly comparable with
adjusted profit measures used by other companies.
Exceptional costs for period were nil (11 August 2012: GBP1.6m,
26 January 2013: GBP2.6m).
Exceptional costs incurred for the period ended 26 January 2013
were in respect of GBP1.6m rent paid in advance for stores that did
not commence trading until the second half of the period. The
balance of GBP1m included an impairment charge of GBP0.8m in
respect of some retail assets, notably a retail development in the
UK that has failed to deliver on its potential. The remaining
GBP0.2m related primarily to set up costs incurred for our
expansion in China.
4. Finance income and expenses
Unaudited Unaudited Audited
28 weeks ended 10 August 2013 28 weeks ended 11 August 2012 52 weeks
ended 26 January 2013
GBP'000 GBP'000 GBP'000
Finance income
- Interest receivable 2 2 34
- Foreign exchange gains 25 27 -
------------------------------ ------------------------------ -----------------------
27 29 34
------------------------------ ------------------------------ -----------------------
Finance expenses
- Interest payable (511) (235) (646)
- Foreign exchange losses (613) (82) (178)
------------------------------ ------------------------------ -----------------------
(1,124) (317) (824)
------------------------------ ------------------------------ -----------------------
5. Earnings per share
Unaudited Unaudited Audited
28 weeks ended 10 August 28 weeks ended 11 August 52 weeks ended 26 January
2013 2012 2013
.
Number of shares: No No. No.
Weighted number of ordinary
shares outstanding 42,632,866 41,648,506 41,939,012
Effect of dilutive options 1,334,699 2,212,117 1,343,134
---------------------------- ---------------------------- ----------------------------
Weighted number of ordinary
shares outstanding -
diluted 43,967,565 43,860,623 43,282,146
---------------------------- ---------------------------- ----------------------------
Earnings: GBP'000 GBP'000 GBP'000
Profit for the period,
basic and diluted 8,614 5,799 21,597
Profit for the period
adjusted * 8,614 7,005 23,635
Basic earnings per share 20.2p 13.9p 51.5p
Adjusted earnings per share
* 20.2p 16.8p 56.4p
Diluted earnings per share 19.6p 13.2p 49.9p
* Adjusted profit for the period and adjusted earnings per share
are shown before exceptional costs of GBPnil (28 weeks ended 11
August 2012: 1,589,000, 52 weeks ended 26 January 2013:
GBP2,614,000).
6. Dividends per share
Unaudited Unaudited Audited
28 weeks ended 10 August 28 weeks ended 11 August 52 weeks ended 26 January
2013 2012 2013
GBP'000 GBP'000 GBP'000
Final dividend paid for the
prior year of 18.7p per
ordinary share (2012:
16.25p) 7,965 6,767 6,767
Interim dividend paid 2013:
GBPNil (2012: GBPNil) - - 3,364
---------------------------- ---------------------------- ----------------------------
7,965 6,767 10,131
---------------------------- ---------------------------- ----------------------------
The Board has declared an interim dividend of 9.5p per share
(2012:7.9p) payable on 22 November 2013 to shareholders on the
register at 18 October 2013.
7. Income tax expense
The Group's full year forecast effective tax rate in respect of
continuing operations for the 28 weeks ended 10 August 2013 was
25.9% (28 weeks ended 11 August 2012:25.3%, 52 weeks ended 26
January 2013:25.3%).
The effective tax rate is higher than the UK rate due to higher
overseas tax rates and to the non recognition of losses in overseas
territories where the businesses are still in their development
phase. On 1 April 2013 the UK corporation tax rate fell from 24% to
23%. A further reduction to 21% (from 1 April 2014) was
substantively enacted in July 2013 and our closing deferred tax
assets and liabilities have therefore been remeasured. The proposed
future reduction in the UK tax rate to 20% will be reflected when
the relevant legislation is substantively enacted.
Our future effective tax rate is expected to be higher than the
UK tax rate as a result of overseas profits arising in
jurisdictions with higher tax rates than the UK.
8. Share based payments
Sharesave Scheme
Share options are granted at an option price equal to 80 per
cent. of the Company share price at the grant date. The share
options vest and are exercisable either three or five years after
the date of grant, and they expire six months after the end of the
vesting period. The options will also expire if the employee leaves
the Group prior to the exercise or vesting date.
The terms and conditions of the SAYE grants made during the 28
weeks ended 10 August 2013 are as follows:
Grant date Type of award Number of shares Vesting conditions Vesting period
19 May 2013 SAYE share 42,231 None 100% after 3
option years
19 May 2013 SAYE share 7,155 None 100% after 5
option years
The basis of measuring fair value is consistent with that
disclosed in the consolidated financial statements for the 52 weeks
ended 26 January 2013. The range of inputs into the Black-Scholes
model was as follows:
Share price 1251.0p
Exercise price 1001.0p
Risk free interest rate 0.43%-0.83%
Expected life of options 3 - 5 years
Share price volatility 12.4% - 29.5%
Dividend yield 1.84%
Long Term Incentive Plan
Share awards are made in the form of nil-cost options under the
Long Term Incentive Plan 2013 ("LTIP 2013"), which was approved by
the shareholders at the general meeting held on 20 June 2013. The
options will be exercisable three years after the date of grant
subject to the satisfaction of profit before tax per share and
share price performance targets, each measured over a three year
period.The profit before tax per share target is calibrated so that
the percentage of awards that vestsis linked to the level of profit
growth achieved.
The terms and conditions of the LTIP 2013 grants made during the
28 weeks ended 10 August 2013 are as follows:
Grant date Type of Number of shares Vesting conditions Vesting
award period
3 July 2013 LTIP 2013 220,226 Profit Up to 100%
before tax after 3
per share years
growth of
10-15% per
annum and
10% share
price
growth
over the
vesting
period
The charge to the income statement for the 28 weeks ended 10
August 2013 for LTIP 2013 awards amounted to GBP96,561 (2012:
GBPnil). Included in the charge for the period is an amount in
respect of R S Kelvin, who is employed by the Company, amounting to
GBP14,077 (2012: GBPnil).
The Monte-Carlo valuation methodology has been used as the basis
of measuring fair value of the LTIP 2013. The range of inputs into
the Monte-Carlo model was as follows:
Share price at grant 1705.0p
Share price at grant (based on 6 month average) for share price performance condition 1318.0p
Risk free interest rate 0.73%
Expected life of options 3 years
Share price volatility 29%
Dividend yield 1.6%
Value Creation Plan
Awards of units were made under the Ted Baker 2009 Value
Creation Plan ("2009 VCP"). Units had no value at grant but,
subject to the satisfaction of earnings per share, share price and
total shareholder return performance targets, converted and gave
participants the right to be granted nil-cost options at the end of
the performance period. All awards made in August 2009 under the
2009 VCP vested on 13 August 2012 following the achievement of all
performance related vesting conditions. Those awards converted into
nil-cost options exercisable in two tranches: 50 per cent. in
October 2012 and 50 per cent. in October 2013 subject to the
participants being employed by the Group at those dates.
No awards were made under the 2009 VCP in the 28 weeks ended 10
August 2013.
The charge to the income statement for the 28 weeks ended 10
August 2013 for 2009 VCP awards amounted to GBPnil (2012:
GBP165,541). In respect of R S Kelvin, who is employed by the
Company, there is no charge in the period (2012: GBP37,326).
9. Reconciliation of cash and cash equivalents per balance sheet to the cash flow statement
Unaudited Unaudited
28 weeks 28 weeks
ended 10 August 2013 ended 11 August 2012
GBP'000 GBP'000
Cash and cash equivalents per balance sheet 10,069 7,378
Bank overdraft per balance sheet (40,024) (26,381)
---------------------- ----------------------
Cash and cash equivalents per cash flow statement (29,955) (19,003)
---------------------- ----------------------
During the period the Group increased its three year committed
borrowing facility with The Royal Bank of Scotland and Barclays
from GBP40.0m to GBP50.0m. This increase will remain in place until
the facility expires on 1 March 2015.
10. Intangible assets
Intangible assets under construction purchased during the period
of GBP2,412,000 relate to investment in a new e-commerce platform
and technology to support our future growth.
11. Treasury shares
The Company acquired nil Treasury shares (2012:nil) and disposed
of 229,097 treasury shares for the proceeds of GBP71,340 (2012:
62,471 for proceeds of GBP203,734) in the 28 weeks ended 10 August
2013.
12. Related Parties
The Company has a related party relationship with its directors
and executive officers.
Directors of the company and their immediate relatives control
36% (2012:40%) of the voting shares of the Company.
At 10 August 2013, the main trading company owed the parent
company GBP23,183,000 (11 August 2012: GBP23,490,000. The main
trading company was owed GBP62,634,000 (11 August 2012:
GBP50,236,000) from other subsidiaries within the Group.
Transactions between subsidiaries and between the parent and
subsidiaries were priced at an arms length basis.
The Group has a 50% interest in a joint venture company in
Australia which is also the parent company of a subsidiary joint
venture in New Zealand. As at 10 August 2013, the joint venture
owed GBP477,000 to the main trading company (11 August
2012:GBP396,000). The value of sales made to the joint venture by
the Group in the period was GBP811,000 (11 August 2012:
GBP551,000).
13. Principal risks and uncertainties
Strategic Risks Operational Risks
* Significant external events affecting our supply * Failure in our supply chain affecting our ability to
chain, customers, partners affecting our revenue deliver our offer to customers and/or partners
and/or cost base
* Cost inflation affecting our operating costs
* Reputational risk to our brand as a result of our
actions or those of our partners
* Risk that our offer will not satisfy the needs of our * Operational problems affecting the internal
customers infrastructure of our business
* Failure to operate in a sustainable and responsible
manner
* IT security breach and loss of controlled data
Financial Risks
* Loss of key individuals
* Failure of counterparties
* Currency, interest and credit risks * Non-compliance with applicable legislations and
regulations
* Financial covenants under credit facilites
Responsibility statement of the directors in respect of the
interim financial statements
The directors confirm that to the best of their knowledge:
-- the condensed financial statements have been prepared in
accordance with IAS 34, Interim Financial Reporting as adopted by
the EU;
-- the interim management report includes a fair review of the information required by:
(a) DTR 4.2.7R of the Disclosure and Transparency Rules, being
an indication of important events that have occurred during the
first 28 weeks of the financial year and their impact on the
condensed financial statements, and a description of the principal
risks and uncertainties for the remaining 24 weeks of the financial
year; and
(b) DTR 4.2.8R of the Disclosure and Transparency Rules, being
related party transactions that have taken place in the first 28
weeks of the current financial year and that have materially
affected the financial position or performance of the entity during
that period; and any changes in the related party transactions
described in the last annual report that could do so.
Cautionary statement regarding forward-looking statements
This announcement contains certain forward-looking statements.
These forward-looking statements include matters that are not
historical facts or are statements regarding the Group's
intentions, beliefs or current expectations concerning, among other
things, the Group's results of operations, financial condition,
liquidity, prospects, growth, strategies, and the industries in
which the Group operates. Forward-looking statements are based on
the information available to the Directors at the time of
preparation of this announcement, and will not be updated during
the year. The Directors can give no assurance that these
expectations will prove to have been correct. Due to inherent
uncertainties, including both economic and business risk factors
underlying such forward looking information, actual results may
differ materially from those expressed or implied by these
forward-looking statements.
Independent review report to Ted Baker PLC
Introduction
We have been engaged by the company to review the condensed set
of financial statements in the interim financial statements for the
28 weeks ended 10 August 2013 which comprises the Condensed Group
Income Statement, the Condensed Group Statement of Comprehensive
Income, the Condensed Group Statement of changes in equity, the
Condensed Group Balance Sheet, the Condensed Group Cash flow
statement and the related explanatory notes. We have read the other
information contained in the interim financial statements and
considered whether it contains any apparent misstatements or
material inconsistencies with the information in the condensed set
of financial statements.
This report is made solely to the company in accordance with the
terms of our engagement to assist the company in meeting the
requirements of the Disclosure and Transparency Rules ("the DTR")
of the UK's Financial Conduct Authority ("the UK FCA"). Our review
has been undertaken so that we might state to the company those
matters we are required to state to it in this report and for no
other purpose. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the company
for our review work, for this report, or for the conclusions we
have reached.
Directors' responsibilities
The interim financial statements are the responsibility of, and
have been approved by, the directors. The directors are responsible
for preparing the interim financial statements in accordance with
the DTR of the UK FCA.
The annual financial statements of the group are prepared in
accordance with IFRSs as adopted by the EU. The condensed set of
financial statements included in these interim financial statements
have been prepared in accordance with IAS 34 Interim Financial
Reporting as adopted by the EU.
Our responsibility
Our responsibility is to express to the company a conclusion on
the condensed set of financial statements in the interim financial
statements based on our review.
Scope of review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410 Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity issued by the Auditing Practices Board for use in the
UK. A review of interim financial information consists of making
enquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review
procedures.
A review is substantially less in scope than an audit conducted
in accordance with International Standards on Auditing (UK and
Ireland) and consequently does not enable us to obtain assurance
that we would become aware of all significant matters that might be
identified in an audit. Accordingly, we do not express an audit
opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the interim financial statements for the 28 weeks ended 10
August 2013 is not prepared, in all material respects, in
accordance with IAS 34 as adopted by the EU and the DTR of the UK
FCA.
Mike Barradell
for and on behalf of KPMG Audit Plc
Chartered Accountants
15 Canada Square
London
E14 5GL
3 October 2013
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR UGGBAUUPWPUP
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