Interim Management Statement

 

TIDMTBK 
 
RNS Number : 9402T 
Ted Baker PLC 
16 June 2009 
 

 
 
16 June 2009 
 
 
TED BAKER PLC 
("TED BAKER") 
 
 
INTERIM MANAGEMENT STATEMENT 
FOR THE 19 WEEK PERIOD FROM THE 1 FEBRUARY 2009 
TO THE 13 JUNE 2009 
 
 
Ted Baker, the British designer brand is pleased to announce a 7.6% increase in 
Group revenue for the 19 week period from 1 February 2009 to 12 June 2009 (the 
"period"), compared to the same period last year, with gross margins in line 
with expectations. 
 
 
Retail sales for the period were 15.2% above the same period last year and 
average retail square footage rose by 17.1% over the period to 202,206 sq.ft. 
(2008: 172,696 sq.ft.). Our performance in the UK has been better than 
anticipated, although trading conditions in our overseas markets remain 
challenging. However, we continue to take advantage of opportunities that arise 
and are pleased to announce that we will be opening a new store in Boston in 
October and a new outlet store in Orlando at the end of this month. 
 
 
As highlighted at the time of our annual results on 25 March 2009, wholesale 
sales for the period were 15.7% below the same period last year and we believe 
this trend will continue throughout the remainder of this year. The current 
economic environment is resulting in difficult trading conditions for some of 
our wholesale customers. Wholesale sales also continue to be affected by further 
transfers of some wholesale accounts to retail concessions, our decision to 
focus the childrenswear business on licensed product and the closure of certain 
accounts, no longer appropriate for our brand. 
 
 
Our product and territorial licences continue to trade in line with 
expectations, with the exception of our licensed partner for North America, 
Hartmarx Corporation, which filed for protection under Chapter 11 of the US 
Bankruptcy code in January 2009. As previously reported, we do not expect these 
actions to have a material financial effect on our business. 
 
 
At this early stage in the year the Board remains confident that full year 
results will be in line with expectations. However, due to the anticipated 
reduction in wholesale sales, the subsequent change in balance within our 
turnover will lead to a significant shift in the phasing of profit from the 
first half to the second half of the year. 
 
 
Commenting on trading, Ray Kelvin, Founder and Chief Executive, said: 
"The economic environment remains uncertain, however, we remain confident that 
the strength of the Ted Baker brand coupled with our resilient multi-channel 
distribution strategy and sound balance sheet will enable the Group to weather 
this difficult environment. 
 
 
We have taken action to ensure our costs and commitments remain controlled and 
in line with the trends we anticipate for 2009 but will continue to invest 
carefully in the development of the brand where appropriate to support long term 
growth." 
 
 
Enquiries: 
 
 
+------------------------------------+------------------------------------+ 
| Ted Baker                          | Tel: [phone]                 | 
+------------------------------------+------------------------------------+ 
| Lindsay Page, Finance Director     |                                    | 
+------------------------------------+------------------------------------+ 
|                                    |                                    | 
+------------------------------------+------------------------------------+ 
| Hudson Sandler                     | Tel: [phone]                 | 
+------------------------------------+------------------------------------+ 
| Michael Sandler / Kate Hough       |                                    | 
+------------------------------------+------------------------------------+ 
 
 
 
 
This information is also available on Ted Baker's Investor Relations site at 
www.tedbaker.com 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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