Ted Baker cuts dividend by 56.4% to 7.8p per share

DividendMax Ltd.

Ted Baker cuts dividend by 56.4% to 7.8p per share

The Board has declared an interim dividend of 7.8p (2018: 17.9p), which will be payable on 22 November 2019 to shareholders on the register at the close of business on 11 October 2019.

Other financial highlights include:

•Group revenue down 0.7% (2.5% in constant currency) to £303.8m

•Retail sales including e-commerce down 2.5% (down 4.1% in constant currency) to £214.5m

•UK and Europe retail sales down 3.9% (down 3.9% in constant currency) to £141.3m

•North America retail sales up 3.1% (down 2.3% in constant currency) to £63.7m 

•Rest of the World retail sales down 15.2% (down 17.2% in constant currency) to £9.5m

•E-commerce sales down 1.3% (down 2.4% in constant currency) to £52.3m

•Selective expansion continued with one new store in Detroit, first German store opened in Hamburg and outlet opened in Metzingen, Germany

•Wholesale sales up 4.0% (up 1.8% in constant currency) to £89.3m driven by footwear acquisition

•Licence income down 13.1% to £9.4m

•Excluding impact from acquisition of footwear business, licence income increased by 2.8%

•Continued focus and improvement in working capital (net working capital down 9% or £16.8m)

•Two strategic deals signed to accelerate growth in Asia:

•Creation of joint venture in China, Hong Kong and Macau 

•Appointed new licence partner in Japan post period end

•Completed integration of footwear business

•Continued licence development:

•New childrenswear product licence agreement with Next post period end

•Delta Galil men's underwear and loungewear commenced trading 

•Timex global watch licence commenced trading

•Announcement post period end that Rachel Osborne will join as Chief Financial Officer

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