Interim Management Statement
June 16 2009 - 2:00AM
UK Regulatory
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: 020 7255 4800 |
+------------------------------------+------------------------------------+
| Lindsay Page, Finance Director | |
+------------------------------------+------------------------------------+
| | |
+------------------------------------+------------------------------------+
| Hudson Sandler | Tel: 020 7796 4133 |
+------------------------------------+------------------------------------+
| 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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