TIDMTED
RNS Number : 7917C
Ted Baker PLC
20 March 2014
20 March 2014
The following amendment has been made to the 'Annual Results'
announcement released on 20 March 2014 at 07:00 under RNS No.
7426C.
One change has been made to the Group Income Statement table; in
regards to the Revenue figure for the 52 weeks ended 26 January
2013.
All other details remain unchanged.
Ted Baker PLC
("Ted Baker", the "Group")
Annual Results for the 52 weeks ended 25 January 2014
Highlights:
2014 2013 Change
Group Revenue 321.9m 254.5m 26.5%
Profit Before Tax and Exceptional
Costs 40.0m 31.5m 26.7%
Profit Before Tax 38.9m 28.9m 34.6%
Adjusted EPS 69.0p 56.4p 22.3%
Basic EPS 67.2p 51.5p 30.5%
Total Dividend 33.7p 26.6p 26.7%
-- Group revenue up 26.5% to GBP321.9m
-- Retail sales up 24.6% to GBP259.1m
o UK and Europe retail sales up 20.3% to GBP198.6m
o US and Canada retail sales up 38.1% to GBP50.7m
o E-commerce sales up 55.7% to GBP23.2m
-- Wholesale sales up 35.0% to GBP62.8m
-- Licence income up 18.4% to GBP8.9m
-- Proposed final dividend of 24.2p bringing total dividend to 33.7p an increase of 26.7%
-- Successful launch of new e-commerce platform for the UK site in November 2013
Ray Kelvin CBE, Founder and Chief Executive, said:
"This has been another excellent year during which we have
continued to build Ted Baker as a global lifestyle brand. We have
further developed our presence internationally and invested in
markets where we see long term growth opportunities whilst
remaining unwavering in our focus on quality, design and attention
to detail that underpins everything we do.
We have continued to invest in the business to support our
growth, including the successful launch in November of our new
e-commerce platform that provides opportunities for future growth
and multi-channel developments.
I would like to take this opportunity to thank the Ted Baker
team across the world. Our continued strong performance in what
remains a competitive market and the ongoing development of the
brand on the world stage would not have been possible without their
hard work, skill and Tedication during the year."
Enquiries:
Ted Baker PLC Tel: 020 7796 4133 on 20 March 2014 only
Ray Kelvin CBE, Chief Executive Tel: 020 7255 4800 thereafter
Lindsay Page, Finance Director
Hudson Sandler Tel: 020 7796 4133
Alex Brennan
Michael Sandler
Julia Cooke
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 362 stores and concessions worldwide, comprising
of 181 in the UK, 70 in Europe, 63 in North America, 43 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; and Watches,
all of which are underpinned by an unwavering emphasis on design,
product quality and attention to detail.
Chairman's Statement
I am pleased to report that the Group has delivered a strong
performance across all channels during the 52 weeks to 25 January
2014 ("the period"), resulting in a 26.5% increase in Group revenue
to GBP321.9m (2013: GBP254.5m) and a 26.7% increase in profit
before tax and exceptional costs to GBP40.0m (2013: GBP31.5m).
The retail division performed very well in what remained a
competitive trading environment, delivering an increase in revenue
of 24.6% to GBP259.1m (2013: GBP208.0m), on an increase in average
square footage of 10.7%. Gross margins were largely in line with
last year at 66.1% (2013: 66.2%). Performance in our established
territories was strong and we continue to invest in newer markets
where we see long term opportunities for the brand.
Wholesale sales for the Group increased by 35.0% to GBP62.8m
(2013: GBP46.5m), which reflects a strong performance from our UK
wholesale business, which includes the supply of goods to our
licensed stores and our export business, and a very good
performance from our US wholesale business.
Licence income from our territorial and product licences
increased by 18.4% to GBP8.9m (2013: GBP7.5m).
We continue to focus on the long term development of Ted Baker
as a global lifestyle brand. We developed our presence in both new
and existing markets and have further invested in people and
infrastructure to support our long term growth opportunities. This
included the development of a new e-commerce platform, which was
successfully launched in November 2013 and is a key part of our
growth strategy. I am also pleased to announce that we have
recently agreed with Microsoft to deploy and support Microsoft
Dynamics AX business systems globally across the Group. These new
systems will enable us to enhance the efficiency of the business,
streamline our operations and provide a solid platform as we
continue to grow and develop our business globally.
Results
Group revenue for the period rose by 26.5% to GBP321.9m (2013:
GBP254.5m). The composite gross margin decreased to 61.7% (2013:
62.4%), reflecting an increase in wholesale sales as a proportion
of total sales and a decrease in the wholesale margin. This
decrease in wholesale margin was a result of a greater proportion
of sales to our territorial licence partners, which carry a lower
margin and a slight reduction in the underlying wholesale margin
due to product mix in the first half of the year.
Profit before tax and exceptional costs increased by 26.7% to
GBP40.0m (2013: GBP31.5m) and profit before tax increased by 34.6%
to GBP38.9m (2013: GBP28.9m).
Exceptional costs incurred during the year of GBP1.0m (2013:
GBP2.6m) include GBP0.7m of impairment charges in respect of some
retail assets and GBP0.3m due to an onerous lease on a store where
we are no longer trading.
Adjusted basic earnings per share, which exclude exceptional
costs, increased by 22.3% to 69.0p (2013: 56.4p) and basic earnings
per share increased by 30.5% to 67.2p (2013: 51.5p).
The Group's net borrowing position at the end of the year was
GBP8.8m (2013: GBP10.0m). This reflected the on-going significant
investment in capital expenditure during the year, increased
inventory to support future growth and the earlier receipt of
inventory into the business at the year-end to meet demand.
Dividends
The Board is recommending a final dividend of 24.2p per share
(2013:18.7p), making a total for the year of 33.7p per share (2013:
26.6p per share), an increase of 26.7% on the prior year. Subject
to approval by shareholders at the Annual General Meeting to be
held on 10 June 2014, the final dividend will be paid on 20 June
2014 to shareholders on the register on 9 May 2014.
Financial Reporting
This year's annual report incorporates a number of new features
in line with the revised UK Corporate Governance Code. These
include the Board's confirmation that the report presents a fair,
balanced and understandable assessment of the Group's position and
prospects, and an enhanced audit report.
People
This strong performance is testament to the skill, passion and
commitment of the Ted Baker team and I would like to take this
opportunity to thank all of my colleagues around the world for
their hard work.
On 9 January 2014, we were delighted to announce the appointment
of Andrew Jennings to the Board as an independent Non-Executive
Director, effective from 1 February 2014. Andrew brings a wealth of
international retail experience gained over 40 years at some of the
world's most respected high-end department stores. His experience
will be invaluable and we are very much looking forward to his
contribution as the brand grows and develops. Andrew has recently
been appointed to the Audit Committee and will join the Nomination
and Remuneration Committees after a suitable period of induction,
in accordance with the provisions of the UK Corporate Governance
Code applying to larger companies.
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 Group during a
significant period of global development. The Group acknowledges
his contribution with gratitude and he is sadly missed by his
colleagues.
Current Trading and Outlook
Ted Baker continues to perform well in a competitive trading
environment and we remain focused on the long term development of
the brand globally. Further openings are planned across all of our
markets. In our newer markets, where we are investing for the
longer term, we are also focussed on enhancing brand awareness.
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