TED BAKER PLC Half Year Results Presentation FI N A N CI A L H I G H L I G HT S 13 Aug 15 Aug 2016 2015 Var £m £m % Group sales revenue 259.5 226.8 14.4 21.5 17.8 20.5 Profjt before tax Basic EPS 37.1p 29.8p 24.5 14.8p 13.2p 12.1 Interim dividend – Group sales revenue increased by 14.4% – Profjt before tax up 20.5% – Basic EPS up 24.5% – Dividend increased by 12.1% AW16 MI S S I ON I MPE CCAB L E 1 28 weeks ended 13 August 2016
TED BAKER PLC Half Year Results Presentation RE V E N U E B Y CH A N NEL 13 Aug 15 Aug Constant 2016 2015 Var Currency £m £m % Var % Retail 191.1 168.2 13.6 9.6 Wholesale 68.4 58.6 16.7 13.7 Sales Revenue 259.5 226.8 14.4 10.7 7.9 6.4 23.2 - Licence income 267.4 233.2 14.7 - Total Revenue – Retail sales up 13.6% (9.6% in constant – Licence income from our territorial and currency) on a 9.7% increase in average product licences increased by 23.2% to £7.9m square footage – Wholesale sales up 16.7% (13.7% in constant currency) refmecting a good performance from our UK business, and a strong performance from our North American business AW16 ME N S WE AR ... 2 28 weeks ended 13 August 2016
TED BAKER PLC Half Year Results Presentation RE V E N U E B Y COL L E CTION 13 Aug 15 Aug 2016 % of 2015 % of Var £m sales £m sales % Menswear 110.6 42.6 95.9 42.3 15.3 Womenswear 148.9 57.4 130.9 57.7 13.8 Sales Revenue 259.5 100.0 226.8 100.0 14.4 – Menswear delivered a good performance – Womenswear performed well with sales up with sales up 15.3% , representing 42.6% 13.8% , representing 57.4% of total sales of total sales AW16 WOME N SWE AR ... 3 28 weeks ended 13 August 2016
TED BAKER PLC Half Year Results Presentation RE V E N U E B Y TE RRI TORY – In the UK & Europe, total sales increased 13 Aug 15 Aug Var Constant by 7.9% , due to growth in both retail and UK & EUROPE 2016 £m 2015 £m % Currency Var % wholesale with an increase of 8.5% and 131.2 120.9 8.5% 6.7% Retail 6.2% repectively. Increased sales to trustees, including our export business, drove the 46.6 43.9 6.2% 6.2% Wholesale wholesale sales growth 177.8 164.8 7.9% 6.6% Sales Revenue – In North America, total sales increased NORTH AMERICA by 34.3% with retail sales up 28.7% and 51.1 39.7 28.7% 18.8% Retail sales from our US wholesale business up 21.8 14.6 49.3% 36.6% 49.3% refmecting increased brand awareness Wholesale 72.9 54.3 34.3% 23.6% Sales Revenue – In Asia, total sales increased by 14.3% with retail sales up 15.8% to £8.8m ASIA 8.8 7.6 15.8% 6.5% Retail - 0.1 - - Wholesale 8.8 7.7 14.3% 6.0% Sales Revenue GROUP 177.8 164.8 7.9% 6.6% UK & Europe 72.9 54.3 34.3% 23.6% North America 8.8 7.7 14.3% 6.0% Asia 259.5 226.8 14.4% 10.7% Sales Revenue 4 28 weeks ended 13 August 2016
TED BAKER PLC Half Year Results Presentation RE TAI L RE V E N U E Constant Constant 13 Aug 15 Aug Var Currency 13 Aug 15 Aug Var Currency UK & EUROPE 2016 £m 2015 £m % Var % ASIA 2016 £m 2015 £m % Var % 105.9 100.9 5.0% 3.0% 8.8 7.6 15.8% 6.5% Stores Stores 25.3 20.0 26.5% 25.8% - - - - E-commerce E-commerce 131.2 120.9 8.5% 6.7% 8.8 7.6 15.8% 6.5% Retail revenue Retail revenue 310 306 1.3% (6.4%) 432 432 - (2.0%) Sales per sq ft Sales per sq ft Average sq ft 28,372 24,953 13.7% Average sq ft 245,377 233,435 5.1% NORTH AMERICA GROUP 46.7 36.8 26.9% 16.9% 161.4 145.3 11.1% 6.7% Stores Stores 4.4 2.9 51.7% 43.7% 29.7 22.9 29.7% 28.0% E-commerce E-commerce 51.1 39.7 28.7% 18.8% 191.1 168.2 13.6% 9.6% Retail revenue Retail revenue 434 412 5.3% (2.9%) 423 418 1.2% (2.7%) Sales per sq ft Sales per sq ft Average sq ft Average sq ft 107,692 89,405 20.5% 381,441 347,793 9.7% – In the UK & Europe, retail sales increased despite the tough trading – In Asia, retail sales increased due to further expansion, however this conditions and recent events in northern Europe remains a challenging trading environment – In North America, retail sales growth was driven by continued expansion despite increased levels of promotional activity in the wider market and a fall in tourism 5 28 weeks ended 13 August 2016
TED BAKER PLC Half Year Results Presentation G ROU P MA RG I N B Y CHANNEL – Retail gross margin increased to 65.6% due 13 Aug 15 Aug to an increase in our full price sell through 2016 2015 Var % % % points – Wholesale gross margin increased to 40.1% 65.6 64.0 1.6 Retail due to a greater proportion of sales to our trustees, which carry a higher margin Wholesale 40.1 39.2 0.9 – Composite gross margin increased to 58.9% 58.9 57.6 1.3 Composite 70 65 60 55 Gross margin % 50 45 Retail Gross Margin 40 Wholesale Gross Margin 35 Composite Gross Margin 11-Aug-12 10-Aug-13 9-Aug-14 15-Aug-15 13-Aug-16 6 28 weeks ended 13 August 2016
TED BAKER PLC Half Year Results Presentation G ROU P I N CO ME S TATEM ENT 13 Aug 15 Aug 2016 2015 Var £m £m % 259.5 226.8 14.4 Revenue 152.8 130.6 17.0 Gross profjt 58.9% 57.6% 130bps Gross margin (139.3) (118.3) (17.8) Operating expenses 7.9 6.4 23.2 Licence income 0.1 0.1 50.1 Other operating income/(expense) 21.5 18.8 14.4 Operating profjt before exceptionals 8.3% 8.3% - % Revenue (0.3) (1.3) 76.7 Net fjnance expense 0.3 0.3 (19.2) Share of joint venture profjt Profjt before tax 21.5 17.8 20.5 NEW YORK MANHATTAN:COLUMBUS CIRCLE 7 28 weeks ended 13 August 2016
TED BAKER PLC Half Year Results Presentation OP E RATI N G E X P E N SES 13 Aug 15 Aug Var 2016 £m 2015 £m % (68.1) (54.6) 24.7 Distribution costs* (14.8) (14.8) - Administrative costs* Depreciation (10.6) (7.8) 36.0 (45.8) (39.7) 15.4 Payroll Performance related bonus - (1.4) (100.0) Total operating expenses (139.3) (118.3) 17.8 Operating exp as a % of sales 53.7% 52.2% 150bps – Distribution costs increased in line with – Payroll costs increased by 15.4% refmecting expectations by 24.7% and as a percentage investment in the UK and overseas teams to of sales were 26.2% (2015: 24.1%) support this growth – Administrative costs were level on last year. – Performance related bonus of £0.0m The rental saving from the freehold acquisition (2015: £1.4m) of the UBB was offset by higher costs in – Dual running costs of £2.0m were incurred our central operations to support our in respect of our new distribution centre and continued growth the systems roll-out AW16 MI S S I ON I MPE CCAB L E * Distribution and administrative costs exclude depreciation, payroll, bonus 8 28 weeks ended 13 August 2016 and exceptional costs.
TED BAKER PLC Half Year Results Presentation G RO U P CAS H FL O W – Decrease in working capital movement 13 Aug 15 Aug Var is mainly driven by exchange rates used 2016 £m 2015 £m £m in the translation of overseas subsidiaries 34.1 27.9 6.2 Cash generated from operations* – Increase in interest paid is largely due (20.5) (22.6) 2.1 Working capital movement to the term loan used to fjnance the acquistion of the freehold of the UBB (1.4) (0.6) (0.8) Interest paid in January 2016 (8.7) (9.0) 0.3 Income taxes paid – Capital expenditure comprises the costs 3.5 (4.3) 7.8 Total of opening and refurbishing stores and concessions. It also refmects the initial (21.5) (17.9) (3.6) Capital expenditure phases of the fjt-out of our new European distribution centre as well as the on-going (15.2) (12.7) (2.5) Dividends paid investment in business-wide systems to 0.3 0.3 - Other support our continued growth (32.9) (34.7) 1.8 Net decrease in cash 1.3 (0.9) 2.2 Exchange rate movement (24.6) (18.8) (5.8) Opening net cash (56.2) (54.4) (1.8) Closing net cash 9 28 weeks ended 13 August 2016 * Excluding working capital movement, interest paid and income taxes paid.
TED BAKER PLC Half Year Results Presentation G RO U P B A L AN CE S H EET 13 Aug 15 Aug Var 2016 £m 2015 £m £m ASSETS 20.7 15.4 5.3 Intangible assets 134.9 58.2 76.7 Property, plant & equipment 135.6 115.0 20.6 Inventories 56.4 43.9 12.5 Trade & other receivables 25.5 14.4 11.1 Cash & equivalents 21.1 10.8 10.3 Other assets 394.2 257.7 136.5 Total assets LIABILITIES (59.5) (44.6) (14.9) Trade & other payables (5.7) (2.0) (3.7) Income tax payable (81.7) (68.8) (12.9) Overdraft (60.0) - (60.0) Term loan (1.4) (1.2) (0.2) Other liabilities (208.3) (116.6) (91.7) Total liabilities CAN AD A: CAL GARY-CHI N OOK 185.9 141.1 44.8 Net assets 10 28 weeks ended 13 August 2016
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