a c t t o n b e s e r e r 2 P 0 s 1 t 9 l u | - - PowerPoint PPT Presentation

H a l f Y e a r R e s u l t s P r e s e n t a t i

• n

| 2 8 w e e k s e n d e d 1 A u g u s t 2 1 9 | 3 O c t

• b

e r 2 1 9 | T e d B a k e r P l c

Ted Baker Plc Half Year Results Presentation 28 weeks ended 10 August 2019 2

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WHAT’S ON TED’S MIND?

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Challenging Backdrop

• Macro environment
• Promotional landscape
• Structural changes (shift of business to online)

Strengths of Ted

• Brand
• Flexible business model - multiple paths to market
• People
• Well invested systems

Key Developments

• Asia deals
• Licence development
• Footwear
• Omni-channel and customer focus
• Effjciencies and working capital initiatives
• Sustainability
• Brand engagement

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YEAR IN REVIEW

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H1 2020 £M H1 2019 £M VAR % Group sales revenue 303.8 306.0 (0.7) (Loss) / Profjt before tax, exceptional costs* and IFRS 16** (2.7) 25.0 (110.6) Adjusted EPS (4.5p) 43.8p (110.3) Interim dividend 7.8p 17.9p (56.4)

*Further detail on exceptional costs provided in Appendix 2 **Further detail on IFRS 16 provided in Appendix 3

• Performance impacted by very diffjcult trading conditions across global markets, amplifjed by

heightened levels of consumer uncertainty

• Trading conditions characterised by unprecedented and sustained levels of promotional activity
• Well-publicised challenges facing some of the Group’s UK trading partners against the backdrop
• f a continuing shift towards an increasingly digital retail landscape
• One-off charges impacting reported profjt are disclosed in Appendices 1-3
• We remain confjdent in Ted Baker’s ability to navigate the market and further develop

as a global lifestyle brand

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FINANCIAL REVIEW

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GROUP INCOME STATEMENT

H1 2020 £M H1 2019 £M VAR % Revenue 303.8 306.0 (0.7) Gross profjt* 165.1 178.5 (7.5) Gross margin* 54.3% 58.3% (400bps) Operating expenses* (176.5) (162.7) (8.5) Licence income 9.4 10.9 (13.1) Other operating income 0.3 0.0 100.0 OPERATING (LOSS) / PROFIT BEFORE EXCEPTIONAL COSTS AND IFRS 16 (1.6) 26.7 (106.0) % of revenue (0.5%) 8.7% (920bps) Net fjnance expense* (1.3) (2.0) 36.9 Share of joint venture profjt 0.2 0.3 (28.4) (LOSS) / PROFIT BEFORE TAX AND EXCEPTIONAL COSTS AND IFRS 16 (2.7) 25.0 (110.8) Exceptional costs** (17.4) (0.5) (3,022.6) IFRS 16*** (2.9)

• (100.0)

(LOSS) / PROFIT BEFORE TAX (23.0) 24.5 (194.0) GERMANY: HAMBURG

*Before exceptional costs and IFRS 16 **Further detail on exceptional costs is provided in Appendix 2 ***Further detail on IFRS 16 is provided in Appendix 3

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INCOME BY CHANNEL

Retail -2.5% (-4.1% constant currency)

• Very diffjcult trading conditions
• Highly promotional retail environment
• Well publicised challenges faced by UK partners and unseasonable weather across North America
• Average square footage increased 5.2%

Wholesale +4.0% (+1.8% constant currency)

• Underlying wholesale sales (excluding footwear) decreased 9.8% (decreased 11.7% constant currency)
• Timing of new monthly drops
• Very challenging trading conditions for trustees and territorial licence partners

Licence income -13.1%

• Underlying growth in licence income (excluding footwear) of 2.8%
• Notable performances from suiting, eyewear and bedding

316.9 (4.1%) +1.8% (13.1%) 313.3

H1 2019 H1 2020 RETAIL WHOLESALE LICENCE INCOME

In £M (Reported) X%: Constant currency variance

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REVENUE BY COLLECTION

Womenswear -1.5% Womenswear sales were down in part due to the previously reported challenges in the Spring/Summer collection which have since been appropriately addressed for future seasons Menswear +0.5% Menswear sales benefjted from footwear sales in the period following the acquisition of the footwear business in January 2019. Underlying menswear sales (excluding footwear) decreased by 3.8% Menswear £115.3m 38.0% Menswear £114.7m 37.5% Womenswear £188.5m 62.0% Womenswear £191.3m 62.5% H1 2020 Mix H1 2019 Mix Womenswear change in mix (0.5%) Menswear change in mix +0.5%

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REVENUE BY TERRITORY

* Rest of World includes; Asia and Africa

GROUP UK & EUROPE NORTH AMERICA REST OF WORLD*

141.3 63.7 214.5 89.3 9.5 9.5 33.6 55.7 197.0 (2.5%) (0.7%) (17.2%) (2.5%) 97.3 303.8

WHOLESALE RETAIL REPORTED CONSTANT CURRENCY

Retail (3.9%) (3.9%) Wholesale 1.5% 1.5% Total (2.5%) (2.5%)

REPORTED CONSTANT CURRENCY

3.1% (2.3%) 8.4% 2.5% 4.8% (0.7%)

REPORTED CONSTANT CURRENCY

(15.2%) (17.2%)

• (15.2%)

(17.2%)

REPORTED CONSTANT CURRENCY

(2.5%) (4.1%) 4.0% 1.8% (0.7%) (2.5%)

In £M (Reported) X%: Constant currency variance

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OMNI-CHANNEL

GROUP UK & EUROPE NORTH AMERICA REST OF WORLD*

100.1 54.0 162.2 52.3 8.1 9.7 41.2 141.3 (3.9%) (2.3%) (17.2%) (4.1%) 63.7 1.4 9.5 214.5

E-COMMERCE STORES

E-commerce as a % of total retail sales, H1 2020

29.2% 15.2% 14.7% 24.4%

* Rest of World includes; Asia and Africa

REPORTED CONSTANT CURRENCY

Stores (4.2%) (4.2%) Ecommerce (3.3%) (3.1%) Total (3.9%) (3.9%)

REPORTED CONSTANT CURRENCY

1.7% (3.3%) 11.5% 4.2% 3.1% (2.3%)

REPORTED CONSTANT CURRENCY

(14.7%) (16.8%) (17.6%) (18.2%) (15.2%) (17.2%)

REPORTED CONSTANT CURRENCY

(2.9%) (4.6%) (1.3%) (2.4%) (2.5%) (4.1%)

In £M (Reported) X%: Constant currency variance

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GROSS MARGIN BY CHANNEL

H1 2020 % H1 2019 % VAR POINTS Retail 61.3% 64.2% (290bps) Wholesale 37.6% 43.4% (580bps) Group 54.3% 58.3% (400bps)

2016 H1 Gross margin %

65 70 60 55 50 45 40 35 30

2019 H1 2020 H1 2015 H1 2017 H1 2018 H1

Retail Gross Margin Wholesale Gross Margin Composite Gross Margin

H1 2020 Gross Margin Drivers Unprecedented and sustained levels

• f promotional activity

Lower wholesale margin

• n footwear sales

Active approach to inventory sell through Improved retail margin

• n footwear sales

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OPERATING EXPENSES

*Total Opex excludes IFRS 16 charges and exceptional costs **Distribution and administrative costs exclude depreciation and payroll costs

Distribution costs Increase due to annualisation of the costs of operating our new North American warehouse which opened in H1 2019. Excluding footwear, distribution costs increased 5.1% in constant currency Administrative costs Increase due to continued investment in our infrastructure to support the business. Excluding footwear, administrative costs increased 5.4% in constant currency Depreciation Increased depreciation and amortisation charge from prior year investment in systems Payroll Increase due to continued investment in our people including the additional headcount to support the footwear business. Excluding footwear, payroll costs increased 5.9% in constant currency

AW19 WOMENSWEAR

162.7 +5.9% +6.7% 176.5 +11.6% +8.8%

H1 2019 TOTAL OPEX* PAYROLL H1 2020 TOTAL OPEX* DISTRIBUTION COSTS** ADMINISTRATIVE COSTS** DEPRECIATION

In £M (Reported) X%: Constant currency variance Total Opex as % of sales

53.2% 58.1%

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GROUP BALANCE SHEET

H1 2020 £M H1 2019 £M VAR £M ASSETS Intangible assets 42.7 37.2 5.5 Property, plant & equipment 137.1 145.3 (8.2) Right-of-use assets 165.9

• 165.9

Inventories 209.6 208.2 1.4 Trade & other receivables 70.8 65.4 5.4 Cash & equivalents 11.7 19.2 (7.5) Other assets 25.1 9.1 16.0 TOTAL ASSETS 662.9 484.4 178.5 LIABILITIES Trade & other payables (109.0) (85.3) (23.7) Income tax payable (0.8) (9.0) 8.2 Overdraft (108.1) (102.4) (5.7) Term loan (45.0) (49.5) 4.5 Lease liabilities (178.3)

• (178.3)

Other liabilities (11.1) (3.3) (7.8) TOTAL LIABILITIES (452.3) (249.5) (202.8) NET ASSETS 210.6 234.9 (24.3) Cash & cash equivalents 11.7 19.2 (7.5) Overdraft (108.1) (102.4) (5.7) NET CASH (96.4) (83.2) (13.2)

• Intangibles assets increased by £5.5m to

£42.7m (2018: £37.2m) due to investment in other business-wide systems and the reacquired rights arising on the acquistion of the footwear business in H2 last year

• Property, plant & equipment has decreased

by £8.2m to £137.1m (2018: £145.3m) following the impairments recognised in H2 last year

• Right-of-use assets increased to £165.9m

and Lease liabilities decreased to £178.3m due to IFRS 16 application which requires recognition of lease contracts previously recognised as operating leases

• T
• tal working capital, which comprises

inventories, trade and other receivables and trade and other payables decreased by £16.9m to £171.4m refmecting the benefjt of working capital initiatives

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GROUP CASH FLOW

H1 2020 £M H1 2019 £M VAR £M Cash generated from operations* 31.6 37.8 (6.2) Working capital movement 16.5 (13.9) 30.4 Interest paid (2.0) (1.8) (0.2) Income taxes paid (4.8) (5.7) 0.9 TOTAL 41.3 16.4 24.9 Capital expenditure (16.9) (18.5) 1.6 Repayment of term loan (2.0) (3.0) 1.0 Dividends paid (18.1) (19.4) 1.3 Repayment of capital element of leases (24.0)

• (24.0)

Other 0.8 0.1 0.7 Net decrease in cash (18.9) (24.4) 5.5 Opening net cash (76.8) (59.3) (17.5) Exchange rate movement 1.0 0.5 0.5 Closing net cash** (94.7) (83.2) (11.5)

• The net decrease in cash of £18.9m (2018:

£24.4m) primarily refmects capital expenditure to support our long-term development and the payment of the full year dividend, offset by a signifjcant improvement in working capital

• Working capital movement of £16.5m (2018:

(£13.9m)) is discussed further on page 14

• Capital expenditure of £16.9m (2018:

£18.5m) is discussed further on page 15

*Excluding working capital movement, interest paid and income taxes paid **Including £1.7m of cash included in assets held for sale

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WORKING CAPITAL

• Total underlying* working capital, which comprises

inventories, trade and other receivables and trade and

• ther payables, decreased by £24.9m to £153.2m

(2019: £178.1m)

• Underlying* inventory has decreased by £5.1m to

£196.8m (2019: £201.9m) through tighter, more fmexible buying and a more proactive approach to current season sell through, in line with the heavy promotional market environment

• The ratio of underlying* total working capital to sales

(constant currency) has signifjcantly improved at 51.4% (2019: 58.2%). As previously announced, this refmects our

• ngoing focus on working capital initiatives

Underlying operating working capital (in £M and as % of constant currency revenue)

H1 2019

(83.7) 201.9 59.9 58.2%

H1 2020

196.8 62.7 (106.3) 51.4%

*Underlying working capital adjusts for the impact of the footwear acquisition, foreign exchange movements and the restructure of our legacy businesses in Asia

INVENTORIES RECEIVABLES PAYABLES

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• Includes two full price stores, one in Detroit

and one in Hamburg. We also opened an outlet in Metzingen, Germany

• We also refurbished our Las

Vegas outlet and various concessions across the globe Systems & Central

• Includes the ongoing investment in business-wide

IT systems including Ship-from-Store as well as wider infrastructure projects, including our UK distribution centre

CAPITAL EXPENDITURE

H1 2020 H1 2019 FY 2020 (PROJECTED) FY 2019

10.2 5.0 3.5 10.8 2.6 16.9 10.2 3.4 3.3 16.9 18.7 31.0 30.3

In £M (Reported)

RETAIL SYSTEMS CENTRAL TOTAL

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OUTLOOK

PROFIT

• Ongoing heightened promotional market
• Cost saving initiatives H2 weighted

CASH

• Continued focus on working capital
• Capex planned to be at £31m

REVENUE

• Continued challenging trading conditions across our global markets
• Slow start to Autumn / Winter due to unseasonable weather
• Peak trading still to come
• Average retail space to increase by c. 4%
• Wholesale business expected to grow by mid single digit growth

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T FOR TALL 2019

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OPERATIONAL REVIEW

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H1 ACHIEVEMENTS

• Asia deals
• Licence development
• Footwear
• Omni-channel and customer focus
• Effjciencies and working capital initiatives
• Sustainability
• Brand engagement

FOOTWEAR

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ASIA REORGANISATION

Creation of Joint Venture in China, Hong Kong SAR and Macau SAR

• The joint venture will build on the existing eight full price stores, fjve concessions and
• ne outlet store, primarily into Tier 2 and Tier 3 cities as well as existing
• nline capabilities
• Our joint venture partner comprises LongGoal and Infra who bring a wealth of

experience in digital marketing, e-commerce operations and building successful joint ventures in China

• The joint venture is expected to be marginally enhancing to Group PBT

in the current fjnancial year Japanese Retail Licence Partner

• Conversion of existing directly operated business into an exclusive retail licence

for the Japanese market, effective 1 October 2019

• Infjnity will drive the long-term expansion of the Ted Baker brand in the region,

combining its local expertise, especially within the department store sector, with the proven buying, merchandising and brand-building expertise of Ted Baker

• The retail licence partner is expected to be marginally positive on pre-tax profjt

in the current fjnancial year and produce a greater benefjt in the further years of the licence

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• Encouraging performances from new partners,

Timex (watches) and Delta Galil (underwear and loungewear)

• Good performances from our product

licensees, in particular eyewear, bedding and suiting

• Our licence partners opened further stores

in Mexico. We also opened our fjrst licence partner store in Malta

• Appointment of Next Plc as our new

Childrenswear licence partner to accelerate the expansion of Ted Baker’s childrenswear

• collections. The new collections will launch

in Spring 2020

WATCHES FROM TIMEX

LICENSING

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PEOPLE PRODUCT

TED’S CONSCIENCE

PLANET

PUBLISHING FIRST-TIER FACTORY LIST

Looking after those who create, make and wear our product Producing beautiful, more sustainable product Managing and reducing our impact

• n the planet

Here at Ted, we know we’ve got a responsibility to do our best by the planet, its people and its resources. We’ve identified a number of targets to help us on our way to becoming more sustainable Ted calls it Fashioning a Better Future

100% OF COLLECTIONS TO BE MADE FROM MORE SUSTAINABLE MATERIALS BY 2030 LAUNCHING TED’S CIRCULARITY PROJECT IN SS20

FASHIONING A BETTER FUTURE

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TED’S BRAND ENGAGEMENT

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TED’S BRAND STRENGTH

• Ted’s total global brand following is currently 2.5m (H1 2019: 2.1m) across Facebook, Instagram, Twitter, Pinterest,

YouTube, Sina Weibo and LinkedIn

• Ted’s Instagram account reached a milestone during August, hitting 1 million followers
• Ted’s key social media engagement is driven by Dresses, Coats, Footwear and Accessories
• At this year’s annual Pinterest Pinnacle Awards, Ted Baker won Best Brand Metrics for the Tie the Knot campaign, and we were

commended for Best Customer Journey and Best Use of Creative Format

• Following Ted’s customer insight analysis, we are pleased to have received an above industry average Net Promoter Score

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STRATEGIC PROGRESS

CUSTOMER & BRAND CENTRIC APPROACH

• Brand and consumer at centre of every decision we make
• Quirky, high quality product core to our DNA

MULTIPLE PATHS TO MARKET

• Flexible operating model with retail, wholesale and licence
• Brand successfully travels across the globe

FULLY OMNI-CHANNEL

• Ever greater integration between stores and online
• Rolling out click and collect, Ship-from-Store
• Major omni-channel roadmap programme

SELECTIVE SPACE GROWTH

• Limited rental commitments
• Locations that are right for the brand
• Maintain fjnancial discipline on new space

GLOBAL LICENCE PARTNERS

• Attractive fjnancial model with low capital expenditure
• Brand halo effect
• Partners have global ambition and global capability

LEVERAGE INVESTMENTS

• UK/EU and US distribution centre
• IT system upgrade complete
• Scope for positive operating leverage

LONG-TERM FINANCIAL SUSTAINABILITY

• Track record of long-term sustained earnings growth
• Capital discipline
• Commitment to dividend policy

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0° 30° 90° 60° 60° 90° 30° A P P E N D I C E S

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• As part of the acquisition of the footwear licence on 1st January 2019, we acquired

100% of the issued share capital of two companies, No Ordinary Shoes Ltd (UK) and No Ordinary Shoes USA LLC

• The acquisition resulted in a number of complexities from an accounting
• perspective. The key points are highlighted below:

APPENDIX 1 – ACQUISITION ACCOUNTING

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• All assets and liabilities acquired were measured at their acquisition-date fair
• values. Most notably, this impacted the valuation of inventories, which were

recognised at the expected selling price. In H1, £2.5m of the fair value uplift recognised on acquisition has unwound

• The reacquired licence resulted in an intangible asset and a deferred tax liability.

£1.0m of amortisation charges were recognised in relation to the intangible asset and £0.7m gain on the unwind of the deferred tax liability

• The impact of the above accounting treatment has resulted in an exceptional

cost of £3.5m. It has also resulted in an exceptional tax credit of £0.7m

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APPENDIX 2 – EXCEPTIONAL COSTS

H1 2020 £M H1 2019 £M Footwear acquisition 3.5

• Investigation and other legal costs

2.1

• Loss on sale of Asian businesses

11.8

• Provision for HoF Debtor
• 0.5

TOTAL EXCEPTIONAL COSTS 17.4 0.5

• Acquisition related costs relate to the unwind
• f accounting adjustments in relation to the

prior year acquisition of the footwear business (See Appendix1)

• Investigation and other legal costs primarily

relate to the investigation into the allegations

• f misconduct of the former Chief Executive

Offjcer and the Group’s policies, procedures and handling of HR-related complaints

• Expected loss on the restructure of our legacy

businesses in Asia

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APPENDIX 3 – IFRS 16 LEASE ACCOUNTING

H1 2020 £M H1 2019 £M Income statement impact Operating expenses:

• Rent

24.0

• Depreciation

(22.0)

• Operating profjt adjustment

2.0

• Interest

(4.9)

• Profjt before tax adjustment

(2.9)

• Balance sheet impact

Right-of-use asset 165.9

• Lease liability

(178.3)

• (12.4)
• The Group adopted IFRS 16 for the fjrst time in the 28 weeks ended

10 August 2019. This is applicable for own stores with fjxed rental element only. Concessions and turnover rents are not within the scope so will continue to be expensed as incurred

• A right-of-use lease asset and a lease liability is included on the balance

sheet, and depreciation and interest has been charged to the income statement instead of existing rental charges within operating expenses

• Discount rates ranging between 1.9% and 9.1% have been determined

based on BB rated corporate bond yields and vary by territory and lease length

• The Group has adopted a simplifjed modifjed approach and therefore

the period ended 11 Aug 2018 has not been restated

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APPENDIX 4 – BREXIT READINESS

POTENTIAL IMPACT ACTION PLANS Increased customs duties and administration

• Refjned supply chain and transportation routes
• Worked closely with third party customs brokers and European Tax Authorities to enhance

administrative readiness

• Improved the quality of our internal data to meet additional requirements for customs reporting
• Progressing the planning for a Customs Warehouse to mitigate double duties

Supply chain delays

• Expedited stock movements, in advance of 31st October where possible
• Progressing plans for securing AEO status to facilitate more timely border movements
• Developed a detailed contingency plan for establishing a supplementary warehouse in EU27 if required

Employment of EU Nationals in the UK

• Provided assistance to team members to promote continuity of employment

Foreign exchange

• FX management strategy closely managed by Finance Director and external advisers
• Addressed risks arising as a result of Brexit through hedging strategy

Loss of income from European Trustees

• Engaged with Trustees to assess Brexit impact and agree who will bear additional customs duty costs
• Reviewed contractual terms

Regulatory compliance (e.g changes to product labelling)

• Consulted with legal advisors and professional bodies to ensure continued compliance with

UK and EU standards A Brexit Working Group comprised of team members from across the business has been engaged in action planning, supported by external advisors We have prepared for a “no deal” but we are also highly reliant on the preparedness of national authorities and other businesses Potential impacts on Ted and relevant action plans include:

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APPENDIX 5 – STORE OUTLOOK

* Partner stores include stores operated by our Australian joint venture partner ** Square foot excludes partner stores

STORE & CONCESSIONS

PROJECTION

YE JAN 2020

H1 2020 FY 2019 FY 2018 FY 2017 UK 202 199 201 195 192 Europe 117 114 114 109 95 North America 114 111 110 105 97 Rest of World 23 22 23 28 26 Partner Stores* 123 118 112 95 80 TOTAL 579 564 560 532 490 GROUP

PROJECTION

YE JAN 2020

H1 2020 FY 2019 FY 2018 FY 2017 Own Stores 97 90 88 81 75 Concessions 323 321 326 327 307 Outlets 36 35 34 29 28 Partner Stores* 123 118 112 95 80 TOTAL 579 564 560 532 490 CLOSING SQ. FT** 464,306 448,440 443,049 420,158 395,088 AVERAGE SQ. FT** 450,933 444,134 431,646 410,190 387,373

MALTA: SLIEMA

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APPENDIX 6 – STORE AND CONCESSIONS PORTFOLIO

* Partner stores include stores operated by our Australian joint venture partner ** Square foot excludes partner stores

UK

PROJECTION

YE JAN 2020

H1 2020 FY 2019 FY 2018 Own Stores 38 35 35 32 Concessions 153 153 155 154 Outlets 11 11 11 9 Partner Stores

• TOTAL

202 199 201 195 CLOSING SQ. FT** 204,278 197,013 197,637 189,340 AVERAGE SQ. FT** 199,146 197,541 195,852 189,325 NORTH AMERICA

PROJECTION

YE JAN 2020

H1 2020 FY 2019 FY 2018 Own Stores 38 38 37 32 Concessions 64 61 61 61 Outlets 12 12 12 12 Partner Stores* 26 25 20 22 TOTAL 140 136 130 127 CLOSING SQ. FT** 139,212 138,008 137,031 126,524 AVERAGE SQ. FT** 138,044 137,341 131,678 121,081 REST OF WORLD

PROJECTION

YE JAN 2020

H1 2020 FY 2019 FY 2018 Own Stores 13 11 11 12 Concessions 8 10 11 14 Outlets 2 1 1 2 Partner Stores* 86 83 84 69 TOTAL 109 105 107 97 CLOSING SQ. FT** 28,798 26,120 26,706 32,373 AVERAGE SQ. FT** 27,000 26,469 27,414 31,742 EUROPE

PROJECTION

YE JAN 2020

H1 2020 FY 2019 FY 2018 Own Stores 8 6 5 5 Concessions 98 97 99 98 Outlets 11 11 10 6 Partner Stores* 11 10 8 4 TOTAL 128 124 122 113 CLOSING SQ. FT** 92,018 87,299 81,675 71,921 AVERAGE SQ. FT** 86,743 82,783 76,702 68,042

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• Estimated worldwide brand sales are calculated by converting wholesale sales and licence

income to their equivalent retail value H1 2020 £M % OF TOTAL H1 2019 £M % OF TOTAL FY 2019 £M % OF TOTAL UK 293.8 52.0 339.4 56.1 680.8 56.3 Overseas 271.2 48.0 265.6 43.9 527.9 43.7 ESTIMATED BRAND SALES 565.0 100.0 605.0 100.0 1,208.7 100.0 TED BAKER SALES H1 2020 £M % OF TOTAL H1 2019 £M % OF TOTAL FY 2019 £M % OF TOTAL UK 165.8 54.6 171.1 55.9 350.7 56.8 Overseas 138.0 45.4 134.9 44.1 266.7 43.2 SALES REVENUE 303.8 100.0 306.0 100.0 617.4 100.0

APPENDIX 7 – WORLDWIDE BRAND SALES (ESTIMATED)

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APPENDIX 8 – RETAIL REVENUE

UK & EUROPE H1 2020 £M H1 2019 £M VAR % CONSTANT CURRENCY VAR % Stores 100.1 104.5 (4.2) (4.2) E-commerce 41.2 42.6 (3.3) (3.1) Retail revenue 141.3 147.1 (3.9) (3.9) Sales per sq. ft 357 395 (9.8) (9.7) Average sq. ft 280,324 264,393 6.0 REST OF WORLD H1 2020 £M H1 2019 £M VAR % CONSTANT CURRENCY VAR % Stores 8.1 9.5 (15.0) (7.8) E-commerce 1.4 1.7 (17.6) (18.2) Retail revenue 9.5 11.2 (15.2) (17.2) Sales per sq. ft 304 313 (2.9) (4.6) Average sq. ft 26,469 30,351 (12.8) NORTH AMERICA Stores 54.0 53.1 1.7 (3.3) E-commerce 9.7 8.7 11.5 4.2 Retail revenue 63.7 61.8 3.1 (2.3) Sales per sq. ft 394 416 (5.3) (10.2) Average sq. ft 137,341 127,599 7.6 GROUP Stores 162.2 167.1 (2.9) (4.6) E-commerce 52.3 53.0 (1.3) (2.4) Retail revenue 214.5 220.1 (2.5) (4.1) Sales per sq. ft 365 396 (7.8) (9.3) Average sq. ft 444,134 422,343 5.2

Ted Baker Plc Half Year Results Presentation 28 weeks ended 10 August 2019 36

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NOTES