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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Ted Baker | LSE:TBK | London | Ordinary Share | GB0001048619 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 626.50 | 0.00 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
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RNS Number : 8908E
Ted Baker PLC
02 October 2008
2 October 2008
Ted Baker PLC
Interim Results for the 28 weeks ended 9 August 2008
Highlights
* Good first half performance in a difficult trading environment
* Strength of the Ted Baker brand and successful multi-channel distribution strategy continues to drive growth
* Strong performance from retail division with sales up 17.5% to £53.3m
* Launch of second Womenswear only store in South Molton Street, London
* New retail stores opened in Cheapside in London, Heathrow Terminal 5, Belfast and Cambridge
* Wholesale sales down 12.1% to £18.3m as previously outlined
* Strong growth in licence income, up 26.1% to £2.9m
28 weeks ended 9 28 weeks ended 11 Growth 52 weeks ended 26 January 08
August 08 August 07
Group Revenue £71.6m £66.2m 8.2% £142.2m
Profit Before Tax £7.4m £7.0m 5.4% £22.1m
Basic EPS 12.4p 11.5p 7.8% 36.1p
Interim Dividend 5.25p 5.0p 5.0% 16.4p
Commenting, Ray Kelvin, Founder and Chief Executive, said:
"The Group has performed well during the first half of the year and the strength of the Ted Baker brand combined with our successful
multi-channel distribution strategy and careful international expansion has enabled us to deliver good growth for the period in an
unpredictable market.
The initial response to our Autumn/Winter collections has been positive. Since the period end we have opened new retail stores in
Bristol and Liverpool and look forward to the opening of our two new stores in the White City development in Westfield London.
The Board is, however, mindful of the uncertain economic environment and we remain understandably cautious about trading in the second
half of the year. "
Enquiries:
Ted Baker PLC Tel: 020 7796 4133 on 2 October 2008 only
Ray Kelvin, Chief Executive Tel: 020 7255 4800 thereafter
Lindsay Page, Finance Director
Hudson Sandler Tel: 020 7796 4133
Michael Sandler
Kate Hough
High resolution images are available for the media to view and download free of charge from www.vismedia.co.uk.
Notes to Editors
No Ordinary Designer Label
Renowned for his quirky sense of humour and close attention to detail, Ted Baker has grown steadily since his beginnings as a shirt
specialist in Glasgow back in 1988. In fact, today Ted Baker is a global lifestyle brand that distributes through its own retail outlets,
leading department stores and key independents throughout Europe, USA, Middle East and Asia. Or as the man himself prefers to put it, 'No
Ordinary Designer Label.'
Using three distinct channels of distribution - retail, wholesale and licensing - Ted's pursued a policy of considered brand management
by: extending the breadth of his collections; controlling distribution channels; and developing his presence within key markets. This
approach has seen his offering and reach expand considerably without the essence of the brand being diluted.
His menswear collections blend the finest traditions of English tailoring with contemporary styling. What's more, from the limited
edition Global range to Endurance - a fusion of traditional tailoring with 21st century technology and high performance fabrics - and his
mainline collection, featuring denim, casual shirts, contemporary suiting, underwear and accessories, he offers something for every
occasion.
Elegant and feminine, Ted's womenswear collections are equally as impressive. Spanning dresses, tailoring, jersey, denim, directional
knitwear and accessories, they offer a complete Ted to toe look.
Expanding his offering even further, fragrances, footwear, eyewear, watches and lingerie are developed and distributed through licencees
- under Ted's watchful eye of course.
Visit Ted's new e-commerce site at www.tedbaker.com
CHAIRMAN'S STATEMENT
I am pleased to report a good first half performance from the Group in a difficult trading environment. This is once again due to the
strength of the Ted Baker brand, our dedicated focus on quality, our attention to detail and our multi-channel distribution strategy.
Retail sales rose by 17.5%, as we increased our presence in the UK, and licence income increased by 26.1%. Wholesale sales were 12.1%
down reflecting challenging conditions for some of our wholesale customers, the transfer of some wholesale accounts to retail concessions
and the actions taken in respect of those customers who are no longer appropriate for our brand.
FINANCIAL RESULTS
Group revenue increased by 8.2% to £71.6m (2007: £66.2m) for the 28 weeks ended 9 August 2008 ("the period") and the composite gross
margin was above last year at 58.7% (2007: 56.6%) due to the change in the mix between retail and wholesale sales.
Operating expenses rose by 15.5% to £37.8m (2007: £32.7m). Distribution costs, which mainly comprise the cost of retail stores, outlets
and concessions, increased by 17.4% to £27.7m (2007: £23.6m), primarily reflecting the increase in retail space. Administrative expenses
increased by 10.8% to £10.2m (2007: £9.2m) principally reflecting the increased activity of our business.
Operating profit was up 2.0% at £7.3m (2007: £7.1m) with profit before tax rising 5.4% to £7.4m (2007: £7.0m). Basic earnings per share
increased by 7.8% to 12.4p (2007: 11.5p).
Cash flow from operating activities was £3.4m higher than last year, of which £1.5m reflected an improvement in working capital. Capital
expenditure increased by £3.8m compared to last year due to new store openings and refurbishments. Higher dividends paid of £0.5m resulted
in a net cash outflow before share buy-backs of £12.3m (2007: £11.4m). Including the cost of share buy-backs, the net cash outflow in the
period was £14.3m (2007: £16.4m).
DIVIDENDS
The Board has declared an increased interim dividend of 5.25p per share (2007: 5.0p), payable on the 28 November 2008 to shareholders on
the register at the close of business on 31 October 2008.
GLOBAL GROUP PERFORMANCE
RETAIL
The retail division delivered a strong performance with sales growth up 17.5% to £53.3m (2007: £45.4m). The retail gross margin was
64.6% (2007: 64.9%) with an underlying margin slightly ahead of last year, diluted by the effect of three outlet stores that were not open
in the comparable period.
Average retail square footage rose by 15% to 175,090 sq.ft (2007:152,249 sq.ft) as we expanded our retail space in the UK and sales per
square foot increased by 1.7% to £299 (2007: £294).
WHOLESALE
As anticipated, wholesale sales were 12.1% below last year at £18.3m (2007: £20.8m). We estimate that around half of this decline arose
from the actions we have taken in respect of those customers who are no longer appropriate for our brand. The business was also affected by
the transfer of some wholesale accounts to retail concessions. The underlying wholesale business continued to perform satisfactorily despite
challenging market conditions.
Wholesale gross margins were higher at 41.5% (2007: 38.4%) as a result of an improvement in the underlying margin and changes in the
product mix.
LICENCE INCOME
Ted Baker operates two types of licences: territorial licences covering North America, the Middle East, Asia, Australia and New Zealand;
and product licences covering perfume & fragrance, watches, footwear, eyewear, childrenswear and lingerie.
Licence income for the period was up 26.1% to £2.9m (2007: £2.3m) and included a full period of contribution from our licensed
childrenswear collection exclusive to Debenhams. We are pleased with the performance from our product licences and our territorial licences
continue to perform in line with our expectations.
COLLECTIONS
Ted Baker Menswear delivered good growth for the period with sales up 6.9% to £38.9m (2007: £36.4m). Menswear represented 54.3% of total
sales (2007: 55.0%).
Ted Baker Womenswear delivered a strong performance for the period with sales up 12.6% to £30.3m (2007: £26.9m). Womenswear represented
42.3% of total sales (2007: 40.6%).
Sales of other collections principally comprising Childrenswear and Footwear were below last year at £2.4m (2007: £2.9m) and represented
3.4% of total sales (2007: 4.4%). Increased footwear sales were offset by a challenging market for premium childrenswear.
UNITED KINGDOM & EUROPE
Our UK and Europe retail division performed well over the period with sales up 18.5% to £48.1m (2007: £40.6m).
Average square footage rose by 15.6% over the period to 147,733 sq.ft. (2007: 127,793 sq.ft). At 9 August 2008, total retail square
footage was 154,233 sq.ft (2007: 128,069 sq.ft), representing an increase of 20.4%. Retail sales per square foot increased 2.2% from £312 to
£319.
The period saw the opening of our 'Ted Baker and Friends' store on Cheapside, our first store in the City of London which continues to
perform well. Further store openings included Heathrow Terminal 5, Belfast, Cambridge and our second standalone store dedicated purely to
Womenswear in South Molton Street, London.
At 9 August 2008, we operated 29 stores (2007: 22), 92 concessions (2007: 77) and 10 outlet stores (2007: 8).
US
The performance of our US retail division was satisfactory in a difficult retail trading environment, although conditions worsened in
the latter part of the period. Sales increased by 9.4% to $10.5m against $9.6m last year, which in sterling was equivalent to sales up 10.4%
to £5.3m (2007: £4.8m) reflecting the strengthening of the dollar. We now have eight stores across the United States and, following its
opening in Las Vegas in April, one outlet store.
Average square footage rose by 11.9% over the period to 27,357 sq.ft (2007: 24,456 sq.ft). At 9 August 2008 total retail square footage
was up 14.7% on last year at 28,058 sq.ft (2007: 24,456 sq.ft). Retail sales per square foot fell 1.5% from £197 to £194.
MIDDLE EAST, ASIA AND AUSTRALASIA
Over the last two years we have continued carefully to expand the Ted Baker brand across the Middle East and Asia through our
territorial licence partners RSH Limited and Li and Fung Group of Companies.
Our 17 stores and concessions in these territories performed in line with our expectations. We continue to work closely with our
partners to ensure that the visual merchandising of the stores and the training of the teams reflect the Ted Baker ethos and culture.
In October 2007 we announced the opening of our first store in Melbourne, Australia, through a joint venture with our licence partner in
the territory and this continues to trade well.
CURRENT TRADING AND OUTLOOK
Retail
Retail trading at the start of the second half continued in line with recent trends, although trading in the last two weeks has been
adversely affected by both the increased economic uncertainty and by unseasonably warm weather in contrast to a period of cold weather last
year.
Since the period end we have opened stores in the Cabot Circus development in the centre of Bristol and in the second phase of the
Liverpool One development in Liverpool city centre. We are opening two stores in Westfield London, a centre being developed in West London,
on 30 October 2008. The second store, located in the luxury village, will be called Ted Baker Pashion and will feature our high end women's
designer collection, Langley, and our fashion forward designer suit collection, Phormal.
We have also opened some further concessions, including a number in John Lewis resulting from the transfer of our wholesale business
with John Lewis to a concession arrangement. We estimate that closing retail square footage will total some 200,000 sq.ft and that the
average for the year will be some 185,000 sq.ft.
Wholesale
We continue to make progress in our wholesale division and expect an improvement in performance in the second half, although this will
be offset by the transfer of our wholesale womenswear business with John Lewis Partnership to a concession arrangement. As a result we
anticipate wholesale sales for the full year will reflect the trend of the first half.
Licence Income
Despite the challenging market conditions our licencees generally continue to report good progress and remain on track to meet
expectations for the second half.
Group Outlook
We remain confident that the Group is well positioned for the medium term and we continue to receive positive feedback from our
customers. The Group results for the full year will be dependent on trading in the second half of the financial year and, at this stage, we
remain cautious about trading given the uncertain economic environment.
We intend to make our next interim management statement, covering trading since the start of the second half of the financial year, in
mid November.
Group Income Statement
For the 28 weeks ended 9 August 2008
Unaudited 28 weeks Unaudited 28 weeks Audited
ended ended 52 weeks
9 August 11 August ended
2008 2007 26
January
Note 2008
£'000 £'000 £'000
Revenue 2 71,616 66,210 142,231
Cost of sales (29,571) (28,741) (59,560)
Gross profit 2 42,045 37,469 82,671
Distribution costs (27,657) (23,565) (48,320)
Administrative expenses (10,157) (9,169) (17,844)
Other operating income 3,021 2,375 5,635
Operating profit 2 7,252 7,110 22,142
Finance income 2, 3 196 66 292
Finance expenses 2, 3 (106) (161) (387)
Share of profit of jointly 52 - 10
controlled entity, net of tax
Profit before tax 2 7,394 7,015 22,057
Income tax expense 6 (2,147) (2,174) (6,815)
Profit for the period 5,247 4,841 15,242
Attributable to:
Equity shareholders of the 5,271 4,838 15,196
parent company
Minority interests (24) 3 46
Profit for the period 5,247 4,841 15,242
Earnings per share 4
Basic 12.4p 11.5p 36.1p
Diluted 12.4p 11.4p 35.9p
Group Statement of Changes in Equity - Unaudited
For the 28 weeks ended 9 August 2008
Cash flow hedging Translation reserve Total
equity
reserve Retained earnings
attributable to Minority Interests Total equity
equity
shareholders
Share capital Share premium of the
parent
company
£'000 £'000 £'000 £'000 £'000
£'000 £'000 £'000
Balance at 26 January 2008 2,160 9,137 251 (520) 44,695
55,723 (11) 55,712
Share option charge - - - - 8
8 - 8
Movement of current/deferred - - - - (43)
(43) - (43)
tax on share options
Effective portion of changes - - 380 - -
380 - 380
in fair value of cash flow
hedges
Net change in fair value of - - (185) - -
(185) - (185)
cash flow hedges transferred
to profit or loss
Exchange rate movement - - - 204 -
204 - 204
Income and expense recognised - - 195 204 (35)
364 - 364
directly in equity
Profit for the period - - - - 5,271
5,271 (24) 5,247
Own shares acquired - - - - (2,014)
(2,014) - (2,014)
Disposal of treasury shares - - - - 53
53 - 53
Dividends paid - - - - (4,799)
(4,799) - (4,799)
Balance at 9 August 2008 2,160 9,137 446 (316) 43,171
54,598 (35) 54,563
For the 28 weeks ended 11 August 2007
Cash flow hedging Translation reserve Total
equity
Share capital Share premium* reserve Retained earnings*
attributable to Minority Interests Total equity
(restated) (restated) equity
shareholders
of the
parent
company
£'000 £'000 £'000 £'000 £'000
£'000 £'000 £'000
Balance at 27 January 2007 2,160 9,052 (90) (493) 40,709
51,338 (57) 51,281
(restated)
Share option charge - - - - 138
138 - 138
Movement of current / deferred - - - - 2
- 2
tax on share options
2
Effective portion of changes - - (1,138) - -
(1,138) - (1,138)
in fair value of cash flow
hedges
Net change in fair value of - - 398 - -
398 - 398
cash flow hedges transferred
to profit or loss
Exchange rate movement - - - (146) -
(146) - (146)
Income and expense recognised - - (740) (146) 140
(746) - (746)
directly in equity
Profit for the period - - - - 4,838
4,838 3 4,841
Own shares acquired (restated) - - - - (4,936)
(4,936) - (4,936)
*
Transfer of treasury shares - 85 - - -
85 - 85
from Ted Baker PLC to Employee
Benefit Trust (restated) *
Disposal of own / treasury - - - - (7)
(7) - (7)
shares (restated) *
Dividends paid - - - - (4,322)
(4,322) - (4,322)
Balance at 11 August 2007 2,160 9,137 (830) (639) 36,422
46,250 (54) 46,196
(restated) *
Footnote:
* For further details see note 12.
Group Balance Sheet
At 9 August 2008
Restated*
Note Unaudited Unaudited Audited
9 August 11 August 2007 26
2008 January
2008
£'000 £'000 £'000
Non-current assets
Intangible assets 573 496 543
Property, plant and equipment 27,723 20,281* 23,061
Investments in equity accounted 62 - 10
investee
Deferred tax assets 401 481 336
Prepayments 843 775* 849
29,602 22,033 24,799
Current assets
Inventories 32,969 29,660 29,315
Trade and other receivables 20,899 17,899 14,128
Amount due from equity accounted 42 - 178
investee
Derivative financial assets 689 - 603
Cash and cash equivalents 8 6,413 5,780 13,105
61,012 53,339 57,329
Current liabilities
Trade and other payables (24,196) (17,172)* (21,777)
Bank overdraft 8 (7,312) (8,889) -
Income tax payable (3,447) (1,391)* (3,418)
Derivative financial liabilities (9) (890) (378)
(34,964) (28,342) (25,573)
Non-current liabilities
Deferred tax liabilities (1,087) (834) (843)
(1,087) (834) (843)
Total liabilities (36,051) (29,176) (26,416)
Net assets 54,563 46,196 55,712
Equity
Share capital 2,160 2,160 2,160
Share premium account 9,137 9,137* 9,137
Other reserves 446 (1,469) 251
Translation reserve 205 - (520)
Retained earnings 42,650 36,422* 44,695
Total equity attributable to 54,598 46,250 55,723
equity shareholders of the
parent company
Minority interests (35) (54) (11)
Total equity 54,563 46,196 55,712
Footnote:
* For further details see note 12. These reclassifications did not result in a change in either shareholders funds or net assets at 11
August 2007. Group Cash Flow Statement
For the 28 weeks ended 9 August 2008
Note Unaudited Restated * Audited
28 weeks Unaudited 52 weeks
ended 28 weeks ended ended
9 August 11 August 26
2008 2007 January
2008
£'000 £'000 £'000
Cash generated from operations
Profit for the period 5,247 4,841 15,242
Adjusted for:
Income tax expense 2,147 2,174 6,815
Depreciation 3,047 2,492 4,807
Loss on disposal of property, 1 83 184
plant & equipment
Share option charge 8 138 234
Net finance gains 1 72 217
Net change in cash flow hedges 195 (740) 341
Share of profit in joint (52) - (10)
venture
Decrease / (increase) in non 52 (773)* (789)
current prepayments
Increase in inventories (3,472) (1,934) (1,449)
Increase in trade and other (7,204) (5,603) (3,050)
receivables
Increase / (decrease) in trade 1,929 (2,689) 1,324
and other payables
Interest paid (73) (74) (344)
Income taxes paid (1,954) (1,556) (4,068)
Net cash generated from (128) (3,569) 19,454
operating activities
Cash flow from investing
activities
Purchases of property, plant & (7,503) (3,707) (8,709)
equipment
Interest received 59 85 171
Net cash from investing (7,444) (3,622) (8,538)
activities
Cash flow from financing
activities
Own shares acquired 10 (2,014) (4,936)* (4,936)
Proceeds from option holders 53 78* 78
for exercise of options
Dividends paid 5 (4,799) (4,322) (6,421)
Net cash from financing (6,760) (9,180) (11,279)
activities
Net decrease in cash and cash (14,332) (16,371) (363)
equivalents
Cash and cash equivalents at 13,105 13,513 13,513
26 January 2008
Exchange rate movement 328 (251) (45)
Cash and cash equivalents at 9 8 (899) (3,109) 13,105
August 2008
Footnote:
* For further details see note 12. These restatements did not result in a change in net increase in cash or cash equivalents at 11
August 2007.
Notes to the Interim Financial Statements
For the 28 weeks ended 9 August 2008
1 Basis of preparation
a. Reporting entity
Ted Baker PLC is a company domiciled in the United Kingdom. The condensed half-yearly financial statements of Ted Baker PLC as at and
for the 28 weeks ended 9 August 2008 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 2008 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.tedbaker.com.
b. Statement of compliance
These condensed group half-yearly 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 2008. These condensed group half-yearly financial statements were approved by the Board of Directors on 29 September 2008.
The comparative figures for the 52 weeks ended 26 January 2008 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 237(2) or (3) of the Companies Act 1985.
The results for each half year have not been audited but have been reviewed by the auditors in accordance with the Auditing Practices
Board guidance on Review of Interim Financial Information.
c. Significant accounting policies
The accounting policies applied by the Group in these condensed group half-yearly financial statements are the same as those applied by
the Group in the group financial statements for the 52 weeks ended 26 January 2008.
2 Segment information
28 weeks ended 9 August 2008 - Unaudited Retail Wholesale Total
£'000 £'000 £'000
Revenue 53,349 18,267 71,616
Cost of sales (18,882) (10,689) (29,571)
Gross profit 34,467 7,578 42,045
Operating costs (32,228) (5,586) (37,814)
Operating contribution 2,239 1,992 4,231
Other operating income 3,021
Operating profit 7,252
Net finance expense 90
Share of profit of jointly controlled entity, 52
net of tax
Profit before tax 7,394
Income tax expense (2,147)
Profit for the period 5,247
Segment assets 68,530 21,579 90,109
Investment in equity accounted investee 62
Amounts due from equity accounted investee 42
Deferred tax assets 401
Total assets 90,614
Segment liabilities (23,478) (8,039) (31,517)
Deferred tax liabilities and income tax (4,534)
payable
Total liabilities (36,051)
Net assets 54,563
Capital expenditure 7,233 277 7,510
Depreciation 2,935 112 3,047
28 weeks ended 11 August 2007 - Unaudited Restated* Restated* Total
Retail Wholesale
£'000 £'000 £'000
Revenue 45,421 20,789 66,210
Cost of sales (15,945) (12,796) (28,741)
Gross profit 29,476 7,993 37,469
Operating costs (27,031) (5,703) (32,734)
Operating contribution 2,445 2,290 4,735
Other operating income 2,375
Operating profit 7,110
Net finance expense (95)
Profit before tax 7,015
Income tax expenses (2,174)
Profit for the period 4,841
Segment assets* 51,534* 23,357* 74,891*
Deferred tax assets* 481*
Total assets 75,372
Segment liabilities* (17,012)* (7,787)* (24,799)*
Deferred tax liabilities and income tax (4,377)*
payable*
Total liabilities (29,176)
Net assets 46,196
Capital expenditure 4,188 294 4,482
Depreciation 2,328 164 2,492
* In accordance with IAS 14 'Segment Reporting', segment assets and liabilities do not include current and deferred tax balances. Prior
year balances have been restated accordingly.
52 weeks ended 26 January 2008 - Audited Retail Wholesale Total
£'000 £'000 £'000
Revenue 103,036 39,195 142,231
Cost of sales (36,168) (23,392) (59,560)
Gross profit 66,868 15,803 82,671
Operating costs (55,841) (10,323) (66,164)
Operating contribution 11,027 5,480 16,507
Other operating income 5,635
Operating profit 22,142
Net finance expense (95)
Share of profit of jointly controlled entity, 10
net of tax
Profit before taxation 22,057
Income tax expense (6,815)
Profit for the period 15,242
Segment assets 60,581 21,023 81,604
Investment in equity accounted investee 10
Amounts due from equity accounted investee 178
Deferred tax asset 336
Total assets 82,128
Segment liabilities (16,050) (6,105) (22,155)
Deferred tax liabilities and income tax (4,261)
payable
Total liabilities (26,416)
Net assets 55,712
Capital expenditure 8,375 460 8,835
Depreciation 4,579 228 4,807
3 Finance income and expenses
Unaudited Unaudited Audited
28 weeks ended 9 28 weeks ended 11 August 2007 52 weeks
August 2008 ended 26
January 2008
£'000 £'000 £'000
Finance income
- Interest receivable 106 66 170
- Foreign exchange 90 - 122
transactions gains
196 66 292
Finance expenses
- Interest payable (106) (138) (387)
- Foreign exchange - (23) -
transactions losses
(106) (161) (387)
4 Earnings per share
Unaudited Unaudited Audited
28 weeks ended 9 28 weeks ended 11 52 weeks ended 26
August 2008 August 2007 January 2008
No. No. No.
Number of shares:
Weighted number of ordinary 42,383,945 42,151,897 42,066,481
shares outstanding
Effect of dilutive options 157,189 269,329 254,711
Weighted number of ordinary 42,541,134 42,321,192
shares outstanding - diluted 42,421,226
Earnings: £'000 £'000 £'000
Profit for the period, basic 5,271 4,838 15,196
and diluted
Basic earnings per share 12.4p 11.5p 36.1p
Diluted earnings per share 12.4p 11.4p 35.9p
5 Dividends per share
Unaudited Unaudited Audited
28 weeks ended 9 28 weeks ended 11 52 weeks ended 26
August 2008 August 2007 January 2008
£'000 £'000 £'000
Final dividend paid for the 4,799 4,322 4,322
prior year of 11.4p per
ordinary share (2007: 10.3p)
Interim dividend paid 2008: - - 2,099
£Nil (2007: £Nil)
4,799 4,322 6,421
The Board has declared an interim dividend of 5.25p per share (2007: 5.0p) payable on the 28 November 2008 to shareholders on the
register at the close of business on 31 October 2008.
6 Income tax expense
The Group's consolidated effective tax rate in respect of continuing operations for the 28 weeks ended 9 August 2008 was 29.0% down from
31.0% for the 28 weeks ended 11 August 2007 (52 weeks ended 26 January 2008: 30.9%).
The lower effective rate primarily reflects the reduction in UK taxation from 30% to 28% effective from April 2008. Otherwise, drivers
affecting the tax charge for the Group remain broadly consistent with the prior period and we expect the Group's consolidated effective tax
rate to remain at around 29%.
7 Share based payments
Equity settled awards are granted to employees in the form of share options or share awards. Share options are granted at an option
price equal to the Company share price at the grant date, or at a discount of up to 20% in the case of SAYE share options. No consideration
is payable when share awards vest. The vesting period is generally between three and five years and the share options expire between three
and ten years after grant. Awards will also expire if the employee leaves the Group prior to the vesting date.
The terms and conditions of the grant made during the 28 weeks ended 9 August 2008 are as follows:
Grant date Type of award Number of shares Vesting conditions Vesting period
4 April 2008 Share award 240,635 Growth in earnings 50% after three
per share over three years and the
accounting periods balance one year
later
4 April 2008 Share option 878,558
Growth in earnings 100% after three
per share over three years
accounting periods
The range of inputs into the Black-Scholes model were as follows:
At 9 August 2008
Share price 414.0p
Exercise price 0 - 414.0p
Risk free interest rate 3.99% - 4.1%
Expected life of awards 3-4 Years
Share price volatility 22.7% - 24.4%
Dividend yield 3.42%
The basis of measuring fair value is consistent with that disclosed in the consolidated financial statements for the 52 weeks ended 26
January 2008.
8 Reconciliation of cash and cash equivalents per balance sheet to the cash flow statement
Unaudited Unaudited Audited
28 weeks 28 weeks 52 weeks ended 26
ended 9 ended 11 January 2008
August 2008 August 2007
£'000 £'000 £'000
Cash and cash equivalents per 6,413 5,780 13,105
balance sheet
Bank overdraft (7,312) (8,889) -
Cash and cash equivalents per (899) (3,109) 13,105
cash flow statement
9 Interim report
This interim report will be sent by post to all registered shareholders. Copies will be available to the public from the Company
Secretary at the registered office: Ted Baker PLC, The Ugly Brown Building, 6a St Pancras Way, London NW1 0TB.
10 Share capital
The Company acquired 500,000 treasury shares (2007: 830,807) and disposed of 133,404 treasury shares (2007: 149,205) in the 28 weeks
ended 9 August 2008.
11 Related parties
The Company has a related party relationship with its directors and executive officers.
Directors of the Company and their immediate relatives control 40.5 per cent of the voting shares of the Company.
At 9 August 2008, the main trading company owed the parent company £9,281,000 (11 August 2007: £7,815,000, 26 January 2008: £8,710,000).
The main trading company was owed £14,718,000 (11 August 2007: £12,012,000, 26 January 2008: £12,921,000) from the other subsidiaries within
the Group.
Transactions between subsidiaries were priced on an arms length basis.
The Group has a 50% interest in a joint venture. As at 9 August 2008, the joint venture owed £42,000 to the main trading company (11
August 2007: nil, 26 January 2008: £178,000). The value of sales made to the joint venture by the Group was £104,000 in the period to 9
August 2008 (11 August 2007: nil, 26 January 2008: £252,000).
12 Prior year restatements
Statement of changes in equity
The presentation of the Group statement of changes in equity within the 2008/2009 condensed half yearly financial statements is
consistent with the one presented in the 2007/2008 condensed half yearly financial statements except where noted below. Prior year
comparatives have been restated accordingly.
* Amounts previously shown as 'purchase of own shares for cancellation (net of sale of own shares)' and 'movements in respect of own
shares' have been reclassified under the following three lines: 'own shares acquired', 'transfer of treasury shares from Ted Baker PLC to
Employee Benefit Trust' and 'disposal of own / treasury shares'.
Section 162F of the Companies Act 1985 requires amounts received for treasury shares that are in excess of the cost to be recognised as
share premium. Although the amounts received by the Group on the sale of these shares in satisfaction of share options exercised in the 28
weeks ended 11 August 2007 were less than the original cost of the treasury shares, the transfer of shares between Ted Baker PLC and the
Employee Benefit Trust was at an amount greater than the original cost and therefore resulted in share premium arising. An amount of £85,000
has therefore been reclassified from retained earnings to share premium.
These reclassifications did not result in a change in shareholders funds at 11 August 2007.
Group Balance Sheet
The presentation of the Group balance sheet within the 2008/2009 condensed half yearly financial statements is consistent with the one
presented in the 2007/2008 condensed half yearly financial statements except where noted below. Prior year comparatives have been restated
accordingly.
* An amount of £2,152,000 in respect of 'other taxes and social security' has been reclassified from 'income tax payable' to 'trade
and other payables' for the half year ended 11 August 2007 in accordance with IAS 1.
* An amount of £85,000 has been reclassified from 'retained earnings' to 'share premium account' for the half year ended 11 August
2007 as explained above.
* An amount of £775,000 has been reclassified from 'property, plant and equipment' to 'prepayments' for the half year ended 11
August 2007.
These reclassifications did not result in a change to either net assets or shareholders funds at 11 August 2007.
Group Cash Flow Statement
The presentation of the Group cash flow statement within the 2008/2009 condensed half yearly financial statements is consistent with the
one presented in the 2007/2008 condensed half yearly financial statements except where noted below. Prior year comparatives have been
restated accordingly.
* Amounts previously shown as 'proceeds from issue of ordinary shares', 'purchase of own shares', 'sale of own shares' and 'shares
vested' have been reclassified as 'own shares acquired' and 'proceeds from option holders for exercise of options' in accordance with IAS
7.
* An amount previously shown as 'purchases of property, plant and equipment' has been reclassified as 'decrease / (increase) in
non-current prepayments' for the half year ended 11 August 2007, as explained above.
The restatements above did not result in a change in the "net cash movement" for the period as disclosed in the cash flow statement at
11 August 2007.
The restatements are consistent with those presented in the results for the year ended 26 January 2008.
Responsibility statement of the directors in respect of the half-yearly financial report
We, the directors of the Company, confirm that to the best of our knowledge:
(a) The condensed set of financial statements has been prepared in accordance with IAS 34 as adopted by the EU;
(b) The interim management report includes a fair review of the information required by DTR 4.2.7R, being an indication of important
events that have occurred during the first 28 weeks of the financial year and their impact on the condensed set of financial statements, and
a description of the principal risks and uncertainties for the remaining 25 weeks of the financial year; and
(c) The interim management report includes a fair review of the information required by DTR 4.2.8R, being related party transactions
that have taken place in the first 28 weeks of the financial year and that have materially affected the financial position or performance of
the Company during that period, and any changes in the related party transactions described in the last annual report that could do so.
By order of the Board
R S Kelvin L D Page
Chief Executive Finance Director
2 October 2008 2 October 2008
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 half-yearly financial report for the 28
weeks ended 9 August 2008 which comprises the Group Income Statement, the Group Statement of Changes in Equity, the Group Balance Sheet, the
Group Cash Flow Statement and the related explanatory notes. We have read the other information contained in the half-yearly financial
report 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 Services Authority ("the UK FSA"). 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 half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for
preparing the half-yearly financial report in accordance with the DTR of the UK FSA.
As disclosed in note 1, 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 this half-yearly financial report has 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 half-yearly financial
report 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
half-yearly financial report for the 28 weeks ended 9 August 2008 is not prepared, in all material respects, in accordance with IAS 34 as
adopted by the EU and the DTR of the UK FSA.
KPMG Audit Plc
Chartered Accountants
8 Salisbury Square
London
EC4Y 8BB
2 October 2008
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR UUGWCUUPRGMG
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