Net cash from financing
activities (12,037) (9,909) (12,037) (9,909)
------------ ------------ ------------ ------------
Net increase in cash
and cash equivalents 1,720 (11,939) - (4)
Cash and cash equivalents
at the beginning of
the period (10,039) 1,770 440 444
Exchange rate movement (442) 130 - -
------------ ------------ ------------ ------------
Net cash and cash
equivalents at the
end of the period (8,761) (10,039) 440 440
------------ ------------ ------------ ------------
Cash and cash equivalents
at the end of the
period 28,521 9,823 440 440
Bank overdraft at
the end of the period (37,282) (19,862) - -
------------ ------------ ------------ ------------
Net cash and cash
equivalents at the
end of the period (8,761) (10,039) 440 440
------------ ------------ ------------ ------------
Notes to the Financial Statements
1. Basis of preparation
EU law (IAS Regulation EC 1606/2002) requires that the Group
financial statements, for the 52 weeks ended 25 January 2014 are
prepared in accordance with International Financial Reporting
Standards (IFRSs) adopted for use in the EU ("adopted IFRSs").
This financial information has been prepared on the basis of the
recognition and measurement requirements of adopted IFRSs as at 25
January 2014.
The financial information set out above does not constitute the
Group's statutory accounts for the 52 weeks ended 25 January 2014
or 52 weeks ended 26 January 2013. The annual financial information
presented in this annual results announcement for the 52 weeks
ended 25 January 2014 is based on, and is consistent with, that in
the Group's audited financial statements for the 52 weeks ended 25
January 2014, and those financial statements will be delivered in
May 2014. The auditor's report on those financial statements is
unqualified and does not contain any statement under Section 498
(2) or (3) of the Companies Act 2006.
Statutory accounts for 26 January 2013 have been delivered to
the registrar of companies. The auditors' have reported on those
accounts; their reports were i) unqualified and, ii) did not
contain statements under Section 498 (2) or (3) of the Companies
Act 2006.
Going concern
The Group's business activities, together with the factors
likely to affect its future development, performance and position
are set out on pages 3 to 10. The financial position of the Group,
its cash flows, liquidity position and borrowing facilities are
described in the Chairman's Statement on pages 3 to 5. In addition
the financial statements includes the Group's objectives, policies
and processes for managing its capital; its financial risk
management objectives; details of its financial instruments and
hedging activities; and its exposures to credit risk and liquidity
risk.
The company meets its day-to-day working capital requirements
through an overdraft facility which is due for renewal on 1 March
2015. The company will open renewal negotiations with the bank in
due course and has, at this stage, not sought any written
commitment that the facility will be renewed. However, the company
has held discussion with its bankers about its future borrowing
needs and no matters have been drawn to its attention to suggest
that renewal may not be forthcoming on acceptable terms.
The Group's forecasts and projections, taking into account
reasonably possible changes in trading performance, show that the
Group has sufficient financial resources. As a consequence the
Directors have a reasonable expectation that the Company and the
Group are well placed to manage their business risks and to
continue in operational existence for the foreseeable future,
despite the current uncertain global economic outlook. Accordingly,
the Directors continue to adopt the going concern basis in
preparing the consolidated financial statements.
Non-GAAP performance measures
The directors believe that the profit before exceptional items
and 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 items in the current year include:
-- An impairment charge in respect of two retail stores; one in
the New York's Meatpacking district, and one in Paris.
-- An onerous lease in relation to a retail store in Liverpool
we are no longer trading due to store relocation. This space will
be sub-let until expiry of the lease.
Significant accounting policies
Except as described below, the accounting policies applied by
the Group in this annual results announcement are the same as those
applied by the Group in its consolidated financial statements for
the 52 weeks ended 26 January 2013.
There were no revisions to adopted IFRS that became applicable
in the period which had a significant impact on the Group's
financial statements.
The Group does not consider that any other standards, amendments
or interpretations issued by the IASB, but not yet applicable, will
have a significant impact on the financial statements in future
years.
2. Segment information
The Group has three reportable segments; retail, wholesale and
licence income.
For each of the three segments, the Group's chief operating
decision maker (the "Board") reviews internal management reports on
a four weekly basis.
Information regarding the results of each reportable segment is
included below. Performance for the retail segment is measured
based on operating contribution, whereas performance of the
wholesale segment is measured based on gross profit and performance
of the licence segment is measured based on royalty income, as
included in the internal management reports that are reviewed by
the Board.
Segment results are used to measure performance as management
believes that such information is the most relevant in evaluating
the performance of certain segments relative to other entities that
operate within these industries. Inter-segment pricing is
determined on an arm's length basis.
a) Segment revenue and segment result
52 weeks ended 25 January 2014 Retail Wholesale Licence income Total
GBP'000 GBP'000 GBP'000 GBP'000
Revenue 259,143 62,778 - 321,921
Cost of sales (87,909) (35,542) - (123,451)
---------- ---------- --------------- ----------
Gross profit 171,234 27,236 - 198,470
Operating costs (122,176) - - (122,176)
---------- ---------- --------------- ----------
Operating contribution 49,058 27,236 - 76,294
Licence income - - 8,888 8,888
---------- ---------- --------------- ----------
Segment result 49,058 27,236 8,888 85,182
Reconciliation of segment
result to profit before tax
Segment result 49,058 27,236 8,888 85,182
Other operating costs (44,416)
Exceptional costs (1,046)
Other operating expense (132)
----------
Operating profit 39,588
Net finance expense (996)
Share of profit of jointly controlled entity, net of tax 331
----------
Profit before tax 38,923
==========
Capital expenditure 13,009 281 - 13,290
Unallocated capital expenditure 4,578
----------
Total capital expenditure 17,868
==========
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