Assignment- Financial Accounting

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BSM – Financial Accounting Assignment

Business report for a potential individual investor analysing Ted Baker’s performance for the year ended 31 January 2013 and its financial position as at that date.

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Executive Summary

This report provides an analysis and evaluation of the current and prospective profitability, liquidity and financial stability of Ted Baker plc, one of the fastest growing leading lifestyle brands in UK.

Method of analysis includes comparative income statement analysis, balance sheet analysis, and cash flow analysis. Furthermore this report is going to analyse and evaluate the Ted Baker plc, by providing the most important ratios such as liquidity ratios, performance ratios, investor ratios, lending ratios, efficiency ratios and interpretations to them and also by comparing their performance with the competitor’s French connection and super group over the last 5 years.

Results of data analysed shows that company is in the expansion state and using more of the profits and cash needed to finance new assets such as opening of new stores internationally and once these assets reach their full operational activities liquidity and dividend yield of the company will automatically become good. Moreover return on capital employed and return on equity has remained stable though liabilities and equity increased over period depicting additional finance is invested properly.

Therefore recommendations discussed includes:-

- Existing shareholders to hold the shares of the company and, - Potential investors should purchase the shares of Ted Baker since the return of

the company is expected to be high in the nearest future. It’s a good investment for those looking for long term benefits rather than the short term.

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Table of Contents

1. Introduction……………………………………………………………………….5 1.1 Industry average and competitor…………………………………………….. . 5 1.2 Aggressive expansion, fast growth and risk………………………….……….. 5

2. Financial Overview…………………………………………………..………….. 6 2.1 Comparative Income Statement Analysis……………………………….……..6 2.2 Comparative Balance Sheet Analysis………………………………………….7 2.3 Comparative Cash flow Analysis………………………………………………7 2.4 Financial Ratio Analysis……………………………………………….………8

3. Conclusions and Recommendation for Investment……………………....……16

References……………………………………………………………………..…….17Appendix……………………………………………………………………….……18

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1. Introduction

Established in 1988 as a specialist for shirting, but now Ted Baker PLC (Ted Baker, 2013) stands as a designer label for clothing. It’s one of the fastest growing leading lifestyle brands in UK. (Fame, 2013) It designs and undertakes the wholesale and retail sale of menswear, womenswear, children’s wear and accessories. Now it is one of the global lifestyle brands that offer a wide range of fashion dress collections including fragrance, endurance, skin wear, footwear, eyewear and watches. (Ted Baker, 2013; Fame, 2013). It offers products under the brand name Ted Baker. Its operations range across Europe, the US, Asia, Middle East and Australia. Ted Baker is headquartered in London, the UK. (Ted Baker, 2013). The company’s marketing strategy has not changed since its inception and it still by word of mouth and is one of the only brands that have established itself as an international designer brand without advertising. (Ted Baker, 2013)

1.1 Industry and competitors

Ted Baker plc operates in apparel-textile industry and this industry has an average market capitalization of 9B. The biggest competitors of Ted Baker in this industry are Super group and French Connection. (Fame, 2013; Yahoo Finance, 2014)

1.2 Aggressive expansion, fast growth and risk.

The main theme of Ted Baker is that they see the new markets as potential growth opportunity and look for aggressive expansion of the brand in the new international markets and have been quite successful till now with sales up by 19.4% with 16% increase in retail area as compared to previous year i.e. 2012 (Ted Baker, 2013). It is quite possible that if the expansion is not well planned and channelized, the business could be riskier as opening of store and expanding the business require huge investment.

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2. Financial Overview

Key Financials(In GBP as of 01/31/2013)

Income StatementRevenue 254 mNet Income 22 mEPS 0.51

Balance sheetTotal assets 164 mTotal liabilities 66 mShareholder’s Equity 99 mTotal assets per share 3.86Net assets per share 2.32Cash FlowsCash from operations 17.3 mCash from Investing -19.7 mCash from financing -10 m

2.1 Comparative Income Statement analysis

The main function of the income is to outline the firm’s revenue over a particular time frame. It offer’s more than the company’s return. To potential investor, it provides snapshot of management success or failure in controlling expenses, managing income and the taxes paid. (Kennon & Salvo & Koch, 2006)The company’s revenue increased by 18.01% to £254.5 m (2012: £215.6 m) whereas cost of sales increased only by 14.77 % resulting in increase of gross profit by 20.06%. The increase in gross profit is somewhat a good sign for the company as the company has managed to keep a control on the expenses mainly by lowering promotional activities in the market comparing to last year. (Ted Baker, 2013)

The operating cost of the company increased by 20.7% with distribution cost increasing to £101.4 m (2012: £82.4 m) an increase of 23.07% and administration expenses increasing to £32.98 m ( 2012 : £29.6 m) an increase of 11.28 %. This increase in expenses in primarily driven by the expansion into new international markets that requires additional distribution and infrastructure cost to support the expansion.The finance expenses rose by 296.15% in 2013 as compared to previous year. The finance expenses constituted both the interest payable expenses and foreign exchange loss. Bank overdraft was the reason for the increase in interest payable expenses that rose by 192.52% (2013: £19.8 m; 2012: £6.8 m). Bank overdraft occurs when the company borrowing exceeds the actual amount available in cash in the bank and for which they charged interest from the company.However, by keeping in control the other expenses (incl. of tax), the company managed to get £21.6 m (2012: £17.5 m) profit for the year 2013, an increase of 23.01% that is the positive sign for the company. (Appendix: Table 2)

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2.2 Comparative Balance Sheet analysis

The balance sheet gives an understanding of firm’s assets, liabilities and shareholders equity. It gives the investors an idea of the company’s financial position and provides a snapshot on how the company is able to balance its debts vs. their assets. (Business Dictionary, 2014)Though Ted Baker’s current assets grew by 22.38% (2013: £112.38 m; 2012: £91.83 m) but this growth is far less than the growth in firm’s current liabilities which grew at an alarming rate of 40.43 %. This depicts the downfall in firm’s ability to pay the short term debts with the current assets in hand, resulting in downgrading of the liquidity position of the company and if current liabilities continue to rise at such a rate, there is a chance of company becoming bankrupt. However the total assets of the firm grew by 23.73 % to £164.6 m (2012: £133.09 m) with 26.74% increase in fixed assets (2013: £52.28 m; 2012: £41.25 m). It means that company is in expansion mode and that’s the reason it is investing more and more to reap the future benefits. Moreover the total shareholder equity rose by 16.09% to £98.89 m (2012: £85.18 m) mainly due to rise in earnings retained by the firm that amounted to £87.21 m as compared to that of £74.05 m in 2012. (Appendix: Table 1)

2.3 Comparative Cash Flow analysis

The statement of cash flows gives an idea of cash a company generates and spends on operating, financing and investing activities. The net decrease in cash remains the same for year 2013 at £11.9 m as compared to year 2012. A net increase in cash generated from operating activities of £6.2 m (53.8%) was offset by increase in financing and investing activities depicting that company is in expansion state and is using the cash for further investments needed to expand their business. (Appendix: Table 3)

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2.4 Financial Ratio Analysis

1. Liquidity Ratios It is the ability of the company to pay its short term liabilities or debts. We have two ratios current and acid test ratio that determines the liquidity of the company.

The current ratio is a reflection of the financial strength. It’s the number of times a company’s current assets exceeds its current liabilities. Here the formula to compute Current ratio: Current ratio = Total Current Assets/ Total Current Liabilities From the balance sheet, Current ratio of the Ted Baker in 2013 is £112389/£65284 = 1.72This depicts the current liabilities are covered by current assets 1.72 times. In general the good current ratio is 2:1.The current ratio of the company is continuously declining from 2.36 in 2010 to 1.72 in 2013. (Table 4) The main reason is that the current liability is increasing (40.43%) at almost twice the rate of the increase in current assets (22.38%). (Appendix: Table 1) This depicts the downfall in firm’s ability to pay the short term debts with the current assets in hand, resulting in downgrading of the liquidity position of the company.

Source: Fame, 2013; Appendix: Table 4

The quick ratio also known as “acid test ratio”. The reason this ratio is known as “quick” is that it takes into consideration company’s most liquid assets and compares it with the current liabilities. It tests whether the business can meet its obligations in case of adverse situation.

Formula for quick ratio is: Quick Ratio = (Total Current Assets- Total Inventory)/Total Current LiabilitiesFrom the balance sheet, Quick ratio for Year 2013 is = (112389-67673)/65284 = 0.68

The quick ratio of Ted Baker is continually declining from 1.19 in 2010 to 0.68 in 2013. (Appendix: Table 4)Its depicts that the liquid cash available with the company is declining as it is used by the company for the future investment in

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infrastructure and moreover the company has used the cash to pay off the long term debt that depicts from the balance sheet as there is 65% reduction in long term liability (Appendix: Table 1) as compared to year 2012. It may also depict that inventories are not becoming useful as it is not able to convert into cash.


Among its competitors the Ted Baker is the least liquid and Super group being the most liquid company with three times the current assets in hand to cover the current liabilities making it the most financially stable company among all three.

2. Efficiency Ratios

The efficiency ratios are basically used to assess how well the items of assets and liabilities are utilised and managed. (Gowthorpe, 2011)

- Inventory turnover days The inventory turnover day is the number of days it takes the company to turnover (sell) the inventory.


The lower the days, the more efficient utilization of inventory is. The inventory turnover day for the Ted Baker is continuously rising from 74.64 in 2010 to 97.07

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in 2013. (Appendix: Table 4) This might be the result of supply exceeding the demand and excess inventory.

- Trade receivables turnover (days)

It measures the number of days the accounts receivables are outstanding during a particular time period. For the company the debtor collection days for 2013 are 28.01 days. It is a good sign for the company as the debtor collection days decreased from 2009 when it took 39.25 days in order to convert credit sales into cash and thereby reducing the liability for risky accounts receivable. (Appendix: Table 4)


- Trade payables turnover (days)

It measures the number of days the accounts payable are outstanding. It is important as to manage the cash the company needs to make sure they have enough cash to run the business and keep the suppliers paid on time. If the business gives cash too fast, it might result in cash shortage and if they delay it, they might loose the suppliers.

Creditor payment days of Ted Baker for 2013 are 31.7 days. (Appendix: Table 4) If we compare it with the previous years, it’s very fluctuating and might be due to the result of the company’s investment in the inventories resulting in shortage of cash and thereby taking more time to pay off their suppliers. Trade payable turnover days for its competitors are decreasing due to the fact that they have less receivables turnover days as compared to Ted Baker thereby getting cash earlier than Ted Baker and hence allowing them to pay earlier to their suppliers.


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3. Performance Ratios

It is used to assess the relative success or failure of the business performance. (Gowthorpe, 2011). It also measures the ability of the company to use its capital or assets to generate profits.

- Gross profit margin GPM = (Revenue – Cost of Sales)/ Revenue *100The gross profit margin for Ted Baker is continuously rising from 58.54% in 2009 to 62.38% in 2013 (Table 4) and has the highest profit margin among its competitors. Higher Gross Profit Margin indicates combination of higher product pricing and lower product costs. Higher GPM of Ted Baker among its competitors indicates that it has the competitive advantage in the industry.


- Return on Capital Employed(ROCE)

It is used to assess the performance of the business and looks at the level of profit generated compared to the amount of capital invested in the business.

ROCE = (Profit before finance costs and tax)/ (Total equity + Long term borrowings)

Between 2009 and 2011, the ROCE increased steadily from 28.32 to 31.23, before felling down to 28.01 in 2012 and then increasing steadily to 29.1 in 2013. (Table 4) Overall ROCE for Ted Baker is stable. This stability is attractive for the investors looking for long term perspective who base their return on high dividend yields rather than increasing capital value. In addition, ROCE has remained stable though liabilities and equity has increased over the period of time depicting that additional finance is invested properly in revenue generating assets to maintain this stable return.

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- Net Profit Margin

Net Profit margin indicates how well the company is able to handle its selling strategies and cost management.

Net Profit margin = Net Profit/ Revenue *100

As revenue increase the cost also tends to increase and the relative change determines whether the net profit margin will increase or decrease.Seeing the last 5 year trend, the Net Profit Margin has been stable for the Ted Baker. It’s not always good to compare the financial strength of the company based on Net profit, because there might be the case of long term loan taken by the company to increase the production capacity.


- Return on Equity

It indicates how much the profit is attributable to shareholders after all interest and taxation obligations are met.

Return on Equity (ROE) = Profit after tax/Total Equity

ROE for Ted Baker has been stable over the 5 years with stably increasing from 20.2 in 2009 to 22.73 in 2011 before falling down to 20.61 in 2012 and then increasing to 21.84 in 2013. (Table 4) Overall the ROE is stable as compared to its competitors and depicts that it’s good to go for long term investment with the stable return.

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4. Lending Ratios

This ratio determines the financial leverage of the company and indicates what proportion of the debt and equity a company uses to finance its assets. In this we have two ratios namely gearing ratio and interest cover.The gearing ratio expresses the relationship between financing through equity and financing through long term loans.

Gearing ratio = Debt/ Equity

The gearing ratio for Ted baker in 2013 is 20.59 and is continuously rising since 2009 when it was 0.87 and is very much higher when compared to competitor French connection which has gearing ratio of 5.74 and Super group with gearing ratio of 14.68. (Table 4) This suggests that Ted Baker had more debt (creditors) financing than equity (shareholders) financing. Ted Baker’s approach by being more heavily financed through debt than equity might be in attempt to keep earnings per share at an increased level. Moreover the high gearing is associated with financing of new assets such as opening of new stores to expand internationally and once these assets reach their full operational capacity, the gearing ratio will automatically come down.


The interests cover on the other hand indicates how safe the annual ‘interest payments’ are in relation to the profit.The interest cover for Ted Baker is continuously declining from 2011 when it was 202.9 to 36.1 in 2013. (Table 4) The drop in interest cover is tremendous. It

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reflects the debt burden of the company due to more financing activities to expand their business globally and once these assets reach their full operational activities, the debt burden will be lessened and interest cover will rise automatically.


5. Investor Ratios

These ratios are used to assess various items of particular interest to investors. Dividend is actually the distribution of profits to shareholders. If the company earns profit, it can either re-invest in the business or distribute it to the shareholders. It’s usually the fixed amount per share and shareholders receive the amount depending upon the number of shares they hold.

- Dividend yield

It is used to calculate earning on shares considering only the returns in form of total dividends declared by the company. Dividend Yield = (Dividend per share/ Share Price)*100% Dividend Yield for Ted Baker is continuously declining from 4.78 in 2009 to 2.21 in 2013 (Table 4) though it’s still higher than the industry value of 1.1% (Yahoo Finance, 2014). The continuous fall in dividend yield indicates is associated with the continuous increase in share price. The low dividend yield is due to the fact that company is using more percentage of its profit to expand their business instead of paying out profits as dividends. They have higher share price as their future growth potential is incorporated into the share price by market.


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- EPS

It is the amount that is theoretically available per share.

Earning per share = Profit after tax/Number of shares

The EPS of Ted Baker is continuously increasing from 0.3 in 2009 to 0.51 in 2013. (Table 4) EPS is a very important figure that reveals the financial health of the company and increasing EPS is a good sign for the company. It increases with the increase in net profit. It means the company is investing properly in the revenue generating assets increasing the net profit and hence the EPS and it’s the best among the competitors with steady increase over the years.


- PE ratio

It expresses what market is willing to pay for the earnings of the firm.

Price/ Earning Ratio (P/E) = Price of share/ Earning per share The PE ratio though is continuously rising from 11.6 in 2009 to 23.6 in 2013 (Table 4) but is still far less than the industry benchmark of 31.3 (Yahoo Finance, 2014). The increase in PE ratio suggests that people are willing to pay higher price of the stock in the anticipation of the firm’s future performance.


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- Market Capitalization

It is not the ratio but is an important piece of information for future investors as it gives the overall market view of the current value of the company.

Market Capitalization = Current share price * Number of shares in issue

The market capitalization is continuously increasing from £145 m in 2009 to £513 m in 2013 (Table 4) due the increase in share price since most of the net income is retained by the company to re-invest means the company is likely to grow and investors can expect more income in the future resulting in increase in share price and hence the market cap.


3. Conclusion and Recommendation for Investment After all analysis and evaluation of the current and prospective profitability, liquidity and financial stability of Ted Baker plc, it seems clear that Ted Baker is in the expansion mode and using most of the current assets to invest in expanding the business globally and moreover they are retaining the maximum share of the profit in order to reinvest in the business because of which they have low dividend yield. So the investors looking for benefits in short term will not benefit from the investment. Moreover these assets will take time to become fully operational and only the investors looking for long term perspective can get the maximum benefit by investing in Ted Baker.

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References

Business Dictionary, 2014. Accessed from <www.businessdictionary.com/definition/balance-sheet.html> Date [12.02.2014]

FAME, 2013. Company report: Ted Baker Plc (UK) Limited [online]. UK: [viewed 12 Feb 2014]. Available from: Fame

FAME, 2013. Company report: French Connection Group Plc (UK) Limited [online]. UK: [viewed 12 Feb 2014]. Available from: Fame

FAME, 2013. Company report: Super Group Plc (UK) Limited [online]. UK: [viewed 12 Feb 2014]. Available from: Fame

Gowthorpe, C. (2011). Business Accounting and Finance. 3rd Edition. Cengage

Joshua Kennon, Debra DeSalvo, Edward T.Koch, 2006. The Complete Idiot’s Guide to Investing.3rd Edition. Penguin Group (USA) Inc, New York.

Ted Baker. (2013). Annual Report 2013, Ted Baker Plc. Accessed from <www.tedbakerplc.com> Date [11.02.14]

Yahoo Finance, 2014. Industry Review- Textile Apparel Clothing. Accessed from < http://biz.yahoo.com/ic/320.html> Date [15.02.14]

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http://biz.yahoo.com/ic/320.html

http://www.tedbakerplc.com/

http://www.businessdictionary.com/

Appendix

Table 1

Balance Sheet 2 Year Comparison

2013 2012 Variance %Fixed AssetsTangible assets 45412 35680 27.28% Land & Buildings 31658 22997 37.66% Freehold Land 0 0 0% Leasehold Land 31658 22997 37.66% Fixtures & Fittings 0 0 0% Plant & Vehicles 2 10 -80% Plant 0 0 0% Vehicles 2 10 -80% Other Fixed Assets 13752 12673 8.51%Intangible Assets 983 968 1.55%Investments 5890 4607 27.85%Fixed Assets 52285 41255 26.74%

Current AssetsStock and W.I.P 67673 51872 30.46% Stock 4027 2547 58.11% W.I.P 935 760 23.03% Finished Goods 62711 48565 29.13%Trade Debtors 19529 19744 -1.09%Bank & Deposits 9823 8560 14.75%Other Current Assets

14595 10843 34.60%

Group Loans 0 0 0% Directors Loans 0 0 0% Other Debtors 0 0 0% Prepayments 14595 10843 Deferred taxation 0 0 0%Investments 769 818 -5.99%Current Assets 112389 91837 22.38%

Current LiabilitiesTrade Creditors -22097 -15910 38.89%Short Term Loans & Overdrafts

-19862 -6790 192.52%

Bank Overdrafts -19862 -6790 192.52% Group Loans 0 0 0% Director Loans 0 0 0%Total Other Current Liabilities

-23325 -23787 -1.94%

Corporation tax -4360 -3353 30.03%

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Dividends 0 0 0% Accruals & Def -13111 -15260 -14.08% Social Securities & VAT

-5585 -4111 35.86%

Other Current Liabilities

-269 -1063 -74.69%

Current Liabilities

-65284 - 46487 40.43%

Net Current Assets 47105 45350 3.87%Net Tangible Assets

98407 85637 14.91%

Working Capital 47105 45350 3.87%Total Assets 164674 133092 23.73%Total Assets less Current Liabilities

99390 86605 14.76%

Long Term Liabilities

-497 -1420 -65%

Net Assets 98893 85185 16.09%Total Shareholder Equity

98893 85185 16.09%

Table 2

Income Statement- Annual for 2 Years

2013 2012 Variance %Revenue 254466 215625 18.01%Cost of sales (95740) (83419) 14.77%Gross profit 158726 132206 20.06%

Distribution Costs (101357) (82358) 23.07%Administrative Expenses

(32984) (29640) 11.28%

Exceptional Costs (2614) (2814) -7.11%Licence Income 7509 6733 11.53%Other Operating Income

234 142 64.79%

Operating Profit 29514 24269 21.61%

Finance Income 34 45 -24.44%Finance Expenses (824) (208) 296.15%Share of Profit of Jointly controlled entity, net of tax

198 149 32.89%

Profit before tax 28922 24255 19.24%Income tax expense (7325) (6698) 9.36%

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Profit for the period

21597 17557 23.01%

Earnings per share

51.5p 42.2p 22.04%

Table 3

Statement of Cash Flows

2013 2012 Variance %Cash generated from OperationsProfit for the period 21597 17557 23.01%Income tax expense 7325 6698 9.36%Depreciation 9040 7656 18.08%Net Impairment(credit)

765 (352)-317.33%

Loss on disposal of property, plant & equipment

102 30

240.00%Share options/award charge

240 446

-46.19%Net Finance losses/gains

789 201292.54%

Net change in derivative financial assets and liabilities

(1461) 85

-1818.82%Share of profit in joint venture

(198) (149)32.89%

Decrease in non current prepayments

29 62

-53.23%Increase in inventory

(15762) (9302)69.45%

Increase in trade and other receivables

(2570) (3720)

-30.91%Increase/decrease in trade & other payables

5586 242

2208.26%Interest paid (633) (192) 229.69%Income taxes paid (7122) (7738) -7.96%Net cash generated from operating

17727 11524 53.83%

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activities

Cash flow from Investing activitiesPurchase of property, plant & equipment

(19774) (14993) 31.89%

Proceeds from sale of property, plant & equipment

9 451 -98%

Interest received 8 8 0%Net cash generated from Investing activities

(19757) (14534) 35.94%

Cash flow from financing activitiesProceeds from options holders

222 69 221.74%

Dividends paid (10131) (8930) 13.45%Net Cash used in financing activities

(9909) (8861) 11.83%

Net decrease in cash and cash equivalent

(11939) (11871) 0.57%

Cash and cash equiv at 28 Jan 2012/29 Jan 2011

1770 13536 -86.92%

Exchange rate movement

130 105 23.81%

Net cash and cash equivalents at 26 Jan 2013/28 Jan 2012

(10039) 1770 -667.18%

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Table 4

Ratio Chart

Gross Profit Margin (Gross Margin)

2009 2010 2011 2012 2013

Ted Baker Plc 58.54 61.09 61.68 61.31 62.38

French Conncection Group Plc 51.21 51.61 51.73 48.06 47.95

SuperGroup Plc 47.63 52.56 55.82 56.98 58.27

ROCE

2009 2010 2011 2012 2013Ted Baker Plc 28.32 28.88 31.23 28.01 29.1

French Conncection Group Plc -16.59 -11.9 12.24 6.84 -16.3

SuperGroup Plc 32.85 19.18 24.93 23.55 20.23

Net Profit Margin (Profit Margin)

2009 2010 2011 2012 2013Ted Baker Plc 11.64 11.92 12.91 11.25 11.37


SuperGroup Plc 9.96 16.11 19.88 16.38 14.37

ROE( Profit after tax/ Total equity)

2009 2010 2011 2012 2013Ted Baker Plc 20.2 20.39 22.73 20.61 21.84


SuperGroup Plc 48.17 13.93 29.77 30.6 25.49

Current Ratio

2009 2010 2011 2012 2013Ted Baker Plc 1.93 2.36 2.14 1.98 1.72


SuperGroup Plc 1.59 2.79 2.81 2.42 3.04

Acid Test Ratio(Liquidity Ratio)

2009 2010 2011 2012 2013Ted Baker Plc 0.82 1.19 1.05 0.86 0.68


SuperGroup Plc 0.58 1.91 1.59 1.38 1.77

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Inventory turnover days = [1/inventory turnover times]*365 days

2009

2010

2011

2012

2013

Ted Baker Plc89.24

74.64

82.57

87.74

97.07

French Conncection Group Plc92.17

69.52

68.74

79.17

76.84

SuperGroup Plc84.

155.

380.22

64.6

73.44

Trade Receivables turnover(debtor collection days)

2009 2010 2011 2012 2013Ted Baker Plc 39.25 32.21 35.36 33.42 28.01


SuperGroup Plc 30.63 24.97 34.06 27.33 28.66

Trade Payables turnover(creditor payment days)

2009 2010 2011 2012 2013Ted Baker Plc 40.87 23.19 36.73 26.93 31.7


SuperGroup Plc 37.62 33.75 37.59 42.11 32.81

EPS2009 2010 2011 2012 2013

Ted Baker Plc 0.3 0.33 0.42 0.42 0.51

French Conncection Group Plc 0 0 0 0.06 0

SuperGroup Plc 0 0.91 0.38 0.45 0.45

Market Capitalisation( from annual stock data)

2009 2010 2011 2012 2013Ted Baker Plc 145 206 275 310 513

French Conncection Group Plc 43 37 66 47 26

SuperGroup Plc 0 490 1273 279 557

PE Ratio2009 2010 2011 2012 2013

Ted Baker Plc 11.6 15 15.76 17.73 23.6

French Conncection Group Plc 0 0 0 8.33 0

SuperGroup Plc 0 6.81 41.73 7.73 15.4

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Dividend Yield2009 2010 2011 2012 2013

Ted Baker Plc 4.78 3.46 3.11 3.14 2.21

French Conncection Group Plc 3.82 1.28 2.19 3.23 0

SuperGroup Plc 0 0 0 0 0

Gearing

2009 2010 2011 2012 2013

Ted Baker Plc 0.87 1.86 2.03 9.64 20.59


SuperGroup Plc 75.01 17.8 25.8 18.75 14.68

Interest Cover2009 2010 2011 2012 2013

Ted Baker Plc 58.87 53.15 202.9 117.61 36.1

French Conncection Group Plc 0 0 0 0 0

SuperGroup Plc 23.92 133.09 0 0 0

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Documents

Assignment- Financial Accounting