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Fashion retailer Ted Baker inks exceptional H1FY15 results
04
Oct '14
UK-based fashion retailer beat hot and sultry weather to post exceptional financial results whether in sales or profits in the fiscal first half ended August 9, 2014.

In the 28 weeks to August 9, Ted Baker revenue surged 17.4% to £182.2 million from £155.2 million from the first half of 2013.

The composite gross margin however fell to 58.5% in the period under review from 59.7%.

Ted Baker attributed the same, partly to a change in sales mix between wholesale and retail sales and partly due to a slight decrease in retail and wholesale margins.

Ted Baker said its operating expenses rose in line with expectations by 15.6% in the first half of 2014 to £97.2 million, up from £84.1 million in the comparable period of 2013, which the retailer said was reflection of its investment in people and infrastructure.

In the period under review, distribution costs, which largely comprise cost of retail stores, outlets and concessions hiked 13.2% to £70.2 million also up from £62.0 million and as a percentage of retail sales fell to 50.2% from 50.9%.

Administrative expenses including the performance related bonus provision increased by 21.5% to £26.6 million from £21.9 million, mainly from growth of its central operations and continued investment in IT infrastructure.

Ted Baker incurred exceptional costs in the period of £2.6 million versus nil in the first half of prior year, which relates to a legal dispute with a previous insurer.

The retailer also gained £3.7 million exceptional income in the first half of 2014, from the early termination of a licence partner agreement.

Profit before tax and exceptional items surged 24.2% to £14.4 million from £11.6 million in the first half of 2013.

In the first half of 2014, adjusted basic earnings per share excluding exceptional items also mounted 19.8% to 24.2 pence from 20.2 pence in the same period of 2013.

Its net interest outgo rose marginally to £0.6 million from £0.5 million in the first half of 2013, due to higher Group borrowing from an increased capital expenditure and working capital.

The net foreign exchange loss during the period of £0.1m (2013: loss of £0.6m) was due to the retranslation of monetary assets and liabilities denominated in foreign currencies.

The retailer said net decrease in cash and cash equivalents of £23.8 million from £19.3 million, primarily reflected an increase in working capital and further capital expenditure to support long term development.

Ted Baker declared an interim dividend of 11.3 pence up from 9.5 pence, representing an increase of 18.9%, which it will pay on November 21, 2014. (AR)

Fibre2fashion News Desk - India


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