e s u l t s P R r e a l s e u n n t n a A t i o n d e d 2 8 n J e a n s k u e a e r y w 2 2 0 5 1 7 1 7 | T e 2 0 d B a h k r c e a r M P l c 3 2 B r h e a n t d g H n e i p a e l t e h K y
1 FINANCIAL HIGHLIGHTS Ted Baker Plc Annual Results Presentation 52 weeks ended 28 January 2017 28 JAN 30 JAN 2017 2016 VAR £M £M % Group sales revenue 531.0 456.2 16.4 Profit before tax and exceptionals 65.8 58.7 12.1 Profit before tax 61.3 58.7 4.4 Adjusted EPS 114.0p 100.6p 13.3 Basic EPS 105.7p 100.6p 5.1 Full year dividend 53.6p 47.8p 12.1 SS17 MEET THE BAKERS
2 INCOME BY CHANNEL Ted Baker Plc Annual Results Presentation 52 weeks ended 28 January 2017 28 JAN 30 JAN CONSTANT 2017 2016 VAR CURRENCY £M £M % VAR % Retail 400.7 348.4 15.0 9.2 Wholesale 130.3 107.7 20.9 15.9 SALES REVENUE 531.0 456.2 16.4 10.8 Licence income 18.2 14.4 26.8 26.8 TOTAL INCOME 549.2 470.6 16.7 11.3 – Retail sales up 15.0% (9.2% in constant – Licence income from our territorial and product licences increased by 26.8% to currency) on a 8.5% increase in average £18.2m square footage Wholesale sales up 20.9% (15.9% in – constant currency) reflecting a good performance from our UK wholesale business and a strong performance from our North American wholesale business SS17 MENSWEAR
3 REVENUE BY COLLECTION Ted Baker Plc Annual Results Presentation 52 weeks ended 28 January 2017 28 JAN 30 JAN 2017 % OF 2016 % OF VAR £M SALES £M SALES % Menswear 226.7 42.7 202.1 44.3 12.2 Womenswear 304.3 57.3 254.1 55.7 19.7 SALES REVENUE 531.0 100.0 456.2 100.0 16.4 – Menswear performed well with sales – Womenswear delivered a good up 12.2% , representing 42.7% of performance with sales up 19.7% , representing 57.3% of total sales total sales SS17 WOMENSWEAR
4 REVENUE BY TERRITORY Ted Baker Plc Annual Results Presentation 52 weeks ended 28 January 2017 – In the UK & Europe, total sales increased 28 JAN 30 JAN CONSTANT by 10.6% (8.8% in constant currency), 2017 2016 VAR CURRENCY UK & EUROPE £M £M % VAR % due to growth in both retail and wholesale with an increase of 10.7% Retail 279.5 252.5 10.7 8.4 (8.4% in constant currency) and 10.4% Wholesale 86.1 78.0 10.4 10.4 (10.4% in constant currency) respectively. Increased sales to trustees, including our Sales Revenue 365.6 330.5 10.6 8.8 export and license businesses, drove the NORTH AMERICA wholesale sales growth Retail 103.4 80.6 28.3 13.0 – In North America, total sales increased Wholesale 44.2 29.7 48.8 30.7 by 33.8% (17.8% in constant currency) 147.6 110.3 33.8 17.8 with retail sales up 28.3% (13.0% in Sales Revenue constant currency) and sales from our US ASIA wholesale business up 48.8% (30.7% in Retail 17.8 15.4 15.6 2.6 constant currency) reflecting the brand’s increased appeal and recognition Wholesale - - - - Sales Revenue 17.8 15.4 15.6 2.6 In Asia, total sales increased by 15.6% – GROUP (2.6% in constant currency) to £17.8m UK & Europe 365.6 330.5 10.6 8.8 North America 147.6 110.3 33.8 17.8 Asia 17.8 15.4 15.6 2.6 Sales Revenue 531.0 456.2 16.4 10.8
5 RETAIL REVENUE Ted Baker Plc Annual Results Presentation 52 weeks ended 28 January 2017 28 JAN 30 JAN CONSTANT 28 JAN 30 JAN CONSTANT 2017 2016 VAR CURRENCY 2017 2016 VAR CURRENCY UK & EUROPE £M £M % VAR % ASIA £M £M % VAR % Stores 218.4 205.7 6.2 3.5 Stores 16.4 15.4 6.5 (5.6) E-commerce 61.1 46.8 30.6 29.8 E-commerce 1.4 - - - 279.5 252.5 10.7 8.4 17.8 15.4 15.6 2.6 Retail revenue Retail revenue Sales per sq ft 885 869 1.8 (0.8) Sales per sq ft 576 593 (2.9) (14.0) Average sq ft 246,826 236,685 4.3 Average sq ft 28,438 25,915 9.7 NORTH AMERICA GROUP Stores 93.6 74.0 26.5 11.4 Stores 328.4 294.9 11.4 5.0 E-commerce 9.8 6.6 48.5 31.2 E-commerce 72.3 53.5 35.1 32.3 Retail revenue 103.4 80.6 28.3 13.0 Retail revenue 400.7 348.4 15.0 9.2 Sales per sq ft 835 784 6.5 (6.1) Sales per sq ft 848 826 2.7 (3.2) Average sq ft 112,110 94,496 18.6 Average sq ft 387,373 357,096 8.5 – In the UK & Europe, retail sales increased despite tough – In Asia, retail sales increased due to further expansion, trading conditions and the impact of terrorism in Europe however this 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 international tourism
6 GROSS MARGIN BY CHANNEL Ted Baker Plc Annual Results Presentation 52 weeks ended 28 January 2017 – Retail gross margin increased to 28 JAN 2017 30 JAN 2016 VAR 66.1% primarily reflecting an improved % % POINTS full price sell through, as well as some Retail 66.1 64.8 130bps foreign exchange benefits Wholesale 45.1 43.8 130bps – Wholesale gross margin increased to Group 61.0 59.9 110bps 45.1% principally due to a greater proportion of sales to our trustee 70 partners, which carry a higher margin, as well as some foreign exchange benefits 65 – Group gross margin increased to 61.0% 60 Gross margin % 55 50 45 Retail Gross Margin Wholesale Gross Margin 40 Group Gross Margin 26-Jan-13 25-Jan-14 31-Jan-15 30-Jan-16 28-Jan-17
7 GROUP INCOME STATEMENT Ted Baker Plc Annual Results Presentation 52 weeks ended 28 January 2017 28 JAN 2017 30 JAN 2016 VAR £M £M % Revenue 531.0 456.2 16.4 Gross profit 323.7 273.0 18.6 Gross margin 61.0% 59.9% 110bps Operating expenses (273.8) (227.2) 20.5 Licence income 18.2 14.4 26.8 Other operating expense (1.1) (0.8) 36.3 OPERATING PROFIT BEFORE 67.0 59.4 12.9 EXCEPTIONAL ITEMS % of revenue 12.6% 13.0% (40bps) Net finance expense (1.8) (1.4) 26.9 Share of joint venture profit 0.6 0.7 (20.9) PROFIT BEFORE TAX 65.8 58.7 12.1 AND EXCEPTIONAL ITEMS Exceptional items (4.5) - - 4.4 JAPAN OMOTESANDO: ESPOIR PROFIT BEFORE TAX 61.3 58.7
8 OPERATING EXPENSES Ted Baker Plc Annual Results Presentation 52 weeks ended 28 January 2017 28 JAN 30 JAN CONSTANT 2017 2016 VAR CURRENCY £M £M % VAR % Distribution costs* (137.1) (112.3) 22.1 15.8 Administrative costs* (26.2) (20.8) 26.0 19.7 Depreciation (20.0) (14.9) 34.2 26.2 Payroll (90.5) (76.5) 18.3 12.2 Performance related bonus - (2.7) (100.0) (100.0) TOTAL OPERATING EXPENSES (273.8) (227.2) 20.5 14.3 Operating exp as a % of sales 51.6% 49.8% 180bps Payroll costs increased by 18.3% – Distribution costs increased in line – with expectations by 22.1% (15.8% in (12.2% in constant currency) reflecting constant currency) and as a percentage investment in the UK and overseas of sales were 25.8% (2016: 24.6%) teams to support our growth – Administrative costs increased by – Performance related bonus of £nil 26.0% (19.7% in constant currency) (2016: £2.7m) due to the growth of central operations - Dual runnings costs of £4.0m were and the continued investment in I.T. incurred in respect of our new distribution infrastructure to support our growth KEEPING UP WITH THE BAKERS centre and the systems roll-out * Distribution and administrative costs exclude depreciation, payroll, bonus and exceptional costs
9 GROUP CASH FLOW Ted Baker Plc Annual Results Presentation 52 weeks ended 28 January 2017 – Increase in interest paid is largely due to 28 JAN 2017 30 JAN 2016 VAR the interest paid on the term loan used £M £M £M to finance the purchase of the UBB in Cash generated from operations* 86.5 77.5 9.0 January 2016 Working capital movement (23.1) (21.4) (1.7) – Lower income taxes paid is largely due Provision movement 2.9 - 2.9 to accelerated tax deductions on US store openings and refurbishments Interest paid (2.9) (1.4) (1.5) Income taxes paid (10.6) (13.1) 2.5 – Capital expenditure comprises the costs of opening and refurbishing TOTAL 52.8 41.6 11.2 stores, concessions and outlets. It also Capital expenditure (43.8) (31.5) (12.3) reflects the fit-out of our new European distribution centre and the on-going Acquisition of freehold - (58.0) 58.0 investment in business-wide IT systems Proceeds of term loan - 60.0 (60.0) to support our continued growth Repayment of term loan (1.5) - (1.5) Dividends paid (21.7) (18.5) (3.2) Other 0.7 0.6 0.1 Net decrease in cash (13.5) (5.9) (7.6) Opening net cash (24.6) (18.8) (5.8) Exchange rate movement 1.4 0.1 1.3 Closing net cash (36.7) (24.6) (12.1) *Excluding working capital movement, interest paid and income taxes paid
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