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Ted Baker (TBK) – Finals PTP: £22.1m (£20.1m) Divi 16.4p (14.6p)

Ted’s iconic brand has again outperformed the competition. Retail sales, helped by additional space, rose by 15.5%. Wholesale sales were up by 7.5%. Licensing income grew by 32.5% to £5.3 million.

Womenswear sales grew by 16.8%. Menswear sales , always more vulnerable in a downturn, grew by 11.1%. Trading in the first seven weeks of this year has seen retail sales up by 16.1%. The group expects to open seven more stores this year.

Wholesale sales reflect the difficulties facing some customers. But the company aims to maintain the integrity of its brand and will cease supplying those ‘no longer appropriate for the brand’. Wholesale sales will therefore probably be lower.

Despite that, Daniel Stewart, an independent broker, is forecasting earnings of 39.6p rising to 43.6p next year.

Shares says: On a PE falling to 9.4 next year, the shares are worth hanging on to.

by: John Marshall