AW collections very positive in Ted Baker interim results
04 Oct '07
2 min read
Ted Baker PLC announces Interim Results for the 28 weeks ended 11 August 2007.
Our retail and licence divisions have performed strongly with retail sales increasing by 15.1% and licence income increasing by 27.8%. As expected, our wholesale business was below last year, down 4.1%.
Whilst market conditions have affected some of our wholesale customers, many areas of our wholesale business have performed well. As a result, profit before tax for the Group was in line with last year and has slightly exceeded our expectations.
Group revenue increased by 8.3% to £66.2m (2006: £61.1m) for the 28 weeks ended 11 August 2007 and the composite gross margin was broadly in line with last year at 56.6%.Operating expenses rose by 11.6% to £32.7m (2006: £29.3m).
Distribution costs, which include the cost of retail stores, outlets and concessions increased by 14.3% to £23.6m (2006: £20.6m). As a proportion of retail turnover, distribution costs remained in line with the previous year.
Administrative expenses increased by 5.2% to £9.2m (2006: £8.7m). Operating profit was up 1.8% at £7.1m (2006: £7.0m). Profit before tax for the period was unchanged at £7.0m (2006: £7.0m). Basic earnings per share increased by 0.9% to 11.5p (2006: 11.4p).
We recorded a net cash decrease in the period of £16.4m (2006: £3.0m). Financing activities were £8.8m higher than last year reflecting an increased dividend and the purchase of own shares (£4.9m), whilst the comparative figure included proceeds from the sale of own shares.
An additional £1.9m of capital expenditure due to new store openings and refurbishment and increased working capital of £4.3m compared to last year was offset by lower income taxes paid. The increase in working capital reflected growth in the level of the business and the timing of payments and receipts which will unwind by the year-end.
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
