Finance Analysis on Ted Baker PLC and SuperGroup Plc

PDE 4231 Human and Financial Management in Engineering
Group Coursework 1

MIDDLESEX UNIVERSITY LONDON
School of Science and Technology
PDE 4231
Human and Financial Management in Engineering
Group Coursework
For the Academic Year 2014-2015
Team Members
Rahul S Pawar - M00514164
Kelvin Shoko - M00363602
Rifat Abdul Rahiman – M00514416
Gowtham Srinivasan - M00514456
Bharath Kumar Munusamy - M00508732

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Group Coursework

Contents
Introduction ..................................................................................................................................................... 4
History and Background ........................................................................................................................... 5
Trend Analysis .............................................................................................................................................. 8
Super Group Income Statement ..................................................................................................... 8
Super Group balance sheet .............................................................................................................. 9
Ted Baker Income Statement ....................................................................................................... 10
Ted Baker balance sheet ................................................................................................................. 11
Bar Graph - Company comparison ............................................................................................ 12
Ratio Analysis ............................................................................................................................................. 13
Findings Of Ratio Analysis .................................................................................................................. 13
1. Profitability Ratio: ........................................................................................................................... 13
(a) Gross Profit Margin .................................................................................................................. 13
(b) Net Profit Margin: ...................................................................................................................... 14
(c) Return on Capital Employed: .............................................................................................. 15
2. Liquidity Ratios ................................................................................................................................ 15
(a) Current Ratio: .............................................................................................................................. 16
(b) Quick Ratio (Acid Test): ......................................................................................................... 16
3. Efficiency Ratio: .............................................................................................................................. 17
(a) Trade Receivable Days: ........................................................................................................ 17
(b) Creditors Payment Period: ................................................................................................... 18
4. Financing Ratios: ............................................................................................................................ 19
(a) Gearing Ratio: ............................................................................................................................. 19
(b) Interest Cover: ............................................................................................................................ 20
(c) Earning Per Share (EPS): ..................................................................................................... 21
(d) Diluted EPS: ................................................................................................................................. 21
5. Investment Ratios: ......................................................................................................................... 22
(a) Price Earning Ratio (P/E): .................................................................................................... 22
(b) Dividend Coverage Ratio: ..................................................................................................... 23
(c) Dividend Yield: ............................................................................................................................ 24
Share Price Analysis ............................................................................................................................... 25
CVP Analysis .............................................................................................................................................. 27
Assumptions: ......................................................................................................................................... 27
WORKINGS AND GRAPHS .................................................................................................................. 27
SuperGroup PLC 2012 ..................................................................................................................... 27
SuperGroup PLC 2013 ..................................................................................................................... 28

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TED Baker PLC 2012 ........................................................................................................................ 29
TED Baker PLC 2013 ....................................................................................................................... 29
TED Baker PLC 2014 ........................................................................................................................ 29
DESCRIPTION ....................................................................................... Error! Bookmark not defined.
Comparison ...................................................................................................................................................... 31
Conclusion ........................................................................................................................................................ 31
Financial News Review ......................................................................................................................... 32
Conclusion.................................................................................................................................................... 33
List of Graphs.
1. Trend Analysis…………………………………………………………………………..12
2. Gross Profit Margin……………………………………………………………………..14
3. Net Profit Margin………………………………………………………………………...14
4. Return on Investment Employed………………………………………………………15
5. Current Ratio…………………………………………………………………………….16
6. Quick Ratio (Acid Test).………………………………………………………………..17
7. Trade Receivable Days………………………………………………………………...17
8. Creditors Payment Period……………………………………………………………...18
9. Inventory Turnover Days……………………………………………………………….19
10. Gearing Ratio…………………………………………………………………………..20
11. Interest Cover………………………………………………………………………….20
12. EPS……………………………………………………………………………………..21
13. Diluted EPS…………………………………………………………………………….22
14. P/E Ratio………………………………………………………………………………..23
15. Dividend Coverage Ratio………………………………………………………..……23
16. Dividend Yield………………………………………………………………………….24
17. Share Price of Ted Baker…………………………………………………………….25
18. Share Price of SuperGroup…………………………………………………………..26
19. Break Even Point for SuperGroup 2012……………………………………………27
22. Break Even Point for Ted Baker 2012…………………………………………...…29
23. Break Even Point for Ted Baker 2013……………………………………………...29
24. Break Even Point for Ted Baker 2014…………………………………………...…29
List of Tables.
1. SuperGroup Income Statement……………………………………………………….08
2. SuperGroup Balance Sheet……………………………………………………………09
3. Ted Baker Income Statement………………………………………………………....10
4. Ted Baker Balance Sheet…………………………………………………...…………11
5. CVP Analysis of SuperGroup……………………………………………………….....28
6. CVP Analysis of Ted Baker…………………………………………………………….30

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Group Coursework

Introduction
This Report provides findings obtained from in-depth Financial Analysis, Financial
Press Review and Share Market Review for Ted Baker PLC and SuperGroup Plc.
Both the companies are lifestyle companies concentrating specially on the Clothing
Sector. The Report focuses on the examination of financial position and performance
of both the companies, which include evaluation of Profitability ratios, Efficiency
ratios, liquidity ratios, Gearing ratios and Investment ratios based on the data
available from the Company’s Annual Report from 2012 to 2014 and the finally a
summary of findings is given.

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History and Background
Ted Baker PLC:
Established in 1988 as a shirting specialist of some repute, Ted Baker London is a
global lifestyle brand offering menswear, women’s wear, accessories and everything
in between. A quintessentially British brand, Ted Baker is famed for its quirky yet
commercial fashion offering, high quality design detailing and distinctive use of
pattern and color. The brand’s unconventional approach to fashion, irreverent sense
of humor and, above all, unswerving attention to detail appeals to style-conscious
men and women who trust Ted to deliver that certain something out of the ordinary.
In order to protect the ethos and persona for which we have gained an enviable
reputation (Ted Baker, 2014. Soft wear, Annual Report 2013-2014, London: Ted
Baker)
It’s impossible to know the history of Ted Baker without studying the man behind the
name. Raymond Stuart Kelvin was born in 1955 in North London. In 1988, at the age
of 33, Kelvin opened his first clothing shop in Glasgow, and named it Ted Baker. The
fledgling Ted Baker sold only men’s shirts at that time. Kelvin offered free dry
cleaning for every shirt he sold. Unable to afford expensive advertising, Kelvin relied
upon word of mouth for his store’s exposure. (Larsen, L. 2010)
Two years later, in 1990, Kelvin bought a store in Covent Garden, and by 1992 had
stores in Soho, London, Leeds and Nottingham. It was at this time that Ted Baker
became a privately owned company. As Ted Baker fashion grew in popularity, Kelvin
saw fit to add a line of women’s clothing in 1995. Soon after, Teddy Boy was
introduced—clothing for boys between the ages of five and twelve.
Kelvin took a back seat to the elusive Ted Baker, watching with amused fascination
as Ted Baker fans fleshed in the fictitious character. Believed to be an adventurous,
daring and dashing fellow, Ted Baker powerfully drives the allure for Kelvin’s
creations. (Larsen,L. 2010)
Today Ted Baker stores have expanded to the United States, Hong Kong, Dubai,
Australia and beyond. New lines of fashion include Teddy Girl, clothing for girls, Ted
Baker Footwear, sunglasses and eyewear, perfumes, jeans and Born—a casual
menswear collection. The history of Ted Baker is still in the making, with future plans
for more stores, more product lines and more success. (Larsen, L. 2010)
With 110 stores/outlets and 252 concessions in a total of 24 countries (as at 25
January 2014), the company continues to develop its presence in new and existing
markets and focus on the long-term development of Ted Baker as a global lifestyle
brand. (Ted Baker, 2014. Soft wear, Annual Report 2013-2014, London: Ted Baker)
Board of Directors:
1. David Alan Bernstein, Non-Executive Chairman.
2. Raymond Stuart kelvin, Chief Executive.
3. Lindsay Dennis Page, Ma, Finance Director.
4. Ronald Stewart, Non-Executive Director.
5. Anne Sheinfield, Non-Executive Director.
6. Andrew Jennings, Non-Executive Director.

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SuperGroup PLC:
SuperGroup began with the founding of Cult Clothing in 1985 by Julian Dunkerton
and a former business partner. The original Cult Clothing store in Cheltenham led to
the creation of others across the country, many of them in university towns.
(SuperGroup.PLC, 12 December 2012)
In 2003, Julian joined forces with designer James Holder, who had previously
founded the Bench brand, to develop and create a new in-house brand and Superdry
was born. The Superdry brand has since gained both recognition and popularity in
the UK and overseas and underpins the growth of the business. (SuperGroup.PLC,
12 December 2012)
Following the successful introduction of Superdry into Cult Clothing stores a second
store format, branded as Superdry and dedicated to selling Superdry products was
launched in 2004. Recognizing the potential of the Superdry brand at home and
abroad, and with the introduction of a new partner, Theo Karpathios, the Group’s UK
and international wholesale business was initiated. (Theo resigned from the business
in August 2012) (SuperGroup.PLC, 12 December 2012)
In March 2010 the business undertook a successful flotation on the London Stock
Exchange to launch the next stage of its global growth and expansion. And In
February 2011 SuperGroup announced the acquisition of its France and Benelux
franchise and distribution partner, CNC Collections BVBA (SuperGroup Europe
BVBA), assisting SuperGroup to further accelerate its European franchise
rollout.(SuperGroup.PLC, 12 December 2012)
The Company predominantly targets the younger end of the fashion market;
specifically designing for men and women aged between 15 and 25 years old with
affordable, premium-quality clothing, accessories, footwear and cosmetics.
Increasingly, the brand appeals to a much broader age group as it develops the
breadth and nature of its product ranges. Already well established in the UK, its
home market, the Company and its subsidiaries (the “Group”) also operate a
significant and continually expanding international business which is developed
through websites, wholesale partners, a network of franchise stores and,
increasingly, its own stores. (SuperGroup, 2014. Annual Report 2013-2014, London:
SuperGroup)
The business has expanded quickly over the 11 years of its life, becoming a truly
international brand as it has done so, and there has been no slowdown over the past
12 months as the Group has added over 100 new stores to its portfolio around the
world taking its total number of stores to 516, with a physical presence in 46
countries.

Group Coursework 7

At the end of the 2014 financial year (“2014” or “FY14”) the Group’s direct customer
channels consisted of:
• 139 of its own stores;
• 74 concessions;
• 185 franchised stores;
• 23 licensed stores;
• 95 shop-in-shop stores; and
• 18 international websites.
In addition to those shops and websites, the Group has a successful and growing
wholesale business. In the UK it sells directly to third party retailers but
internationally it predominantly uses a distribution network, taking advantage of local
knowledge and expertise in each country. (SuperGroup, 2014. Annual Report 2013-
2014, London: SuperGroup)
Superdry focuses on high-quality, contemporary products that, in varying degrees,
fuse vintage Americana and Japanese-inspired graphics with a British style. They
are characterized by:
• quality fabrics with authentic vintage washes; • unique vintage detailing;
• world leading hand-drawn graphics; and
• tailored fits with diverse styling.
The Board of Directors: The Board of Directors for SuperGroup PLC is currently
made up of a Non-executive Chairman, a Group Chief Executive Officer, 5 Executive
Directors and 3 Non-executive Directors. On appointment the Non-executive
Directors meet the criteria for independence.
The Board is as follows
1. Peter Bamford, Chairman
2. Euan Sutherland, Group Chief Executive Officer
3. Julian Dunkerton, Founder, Product & Brand Director
4. Susanne Given, Chief Operating Officer
5. James Holder, Founder, Brand and Design Director
6. Hans Schmitt, Managing Director International & Wholesale.
7. Shaun Wills, Chief Financial Officer
8. Keith Edelman, Senior Independent Non-executive Director
9. Ken McCall, Independent Non-executive Director
10.Minnow Powell, Independent Non-executive Director

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Trend Analysis
What is Trend Analysis?
Trend analysis is the practice of collecting information and attempting to spot a
pattern or trend in the same metric historically, either by examining it in tables or
charts. Often this trend analysis is used to predict or inform decisions around future
events. (Boundless, 2014)
Super Group Income Statement
Formula used to find amount change: Current year amount - Base year amount
Formula used to find percentage change: (Current year amount - Base year
amount) divide by base year amount
2012 2013 2014 Amount
change in
million
Percentage
change
Turnover 313.8 360.4 430.9 46.6 (2013)
70.5 (2014)
14.9% (2013)
19.6% (2014)
Cost of sales 135.0 150.4 173.6 15.4 (2013)
23.2 (2014)
11.4% (2013)
15.4% (2014)
Gross margin 178.8 209.6 257.3 30.8 (2013)
47.7 (2014)
17.2% (2013)
22.8% (2014)
Selling, general
and
administrative
expenses
138.8 163.3 200.5 24.5 (2013)
37.2 (2014)
17.7% (2013)
22.8% (2014)
Other gains
and losses
2.7 5.2 4.7 2.5 (2013)
0.5 (2014)
92.6% (2013)
9.6% (2014
Operating
income
37.3 41.1 52.4 3.8 (2013)
11.3 (2014)
10.2% (2013)
27.5% (2014)
Super Group has been able to maintain a consist flow of progression. Each year the
turnover has been increasing because of the addition of new stores nationwide and
internationally. Also the group has invested in significant programme of infrastructure
developments which are aimed at supporting future growth and efficiencies. Even though
like for like sales growth did not meet expectations that did not affect the financial
performance for the year as a whole as it was in line with market expectations and
produced good movements on the Group's key performance indicators. "Whilst there are
still more improvements to make, these initial investments have delivered a solid
platform for the Group's growth aspirations, improved its processes and controls, and will
provide cost savings and efficiency gains from financial year 2015 onwards". (Peter
Bamford, 2014)
Revenue rose by 19.6% to £430.9m (2013: £360.4m). The Group gross margin rose 140
basis points to 22.8% (2013: 17.7%) showing lower clearance activity, the increasing mix
of international business, and the benefits of increasing scale and purchasing power.
Table 1 – SuperGroup Income Statement

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Super Group balance sheet
2012 2013 2014 Amount
change in
millions
Percentage
change
Total non-
current assets
142.5 139.2 147.7 3.3 (2013)
8.5 (2014)
2.3% (2013)
6.1% (2014)
Total current
assets
129.0 174.3 218.3 45.3 (2013)
44 (2014)
35.1% (2013)
25.2% (2014)
Total non-
current
liabilities
34.3 32.2 31.7 2.1 (2013)
0.5 (2014)
6.1% (2013)
1.6% (2014)
Total liabilities 52.2 57.4 73.1 5.2 (2013)
15.7 (2014)
10% (2013)
27.4% (2014)
Once again the group has been able to generate a consist flow of income from its
assets. According to the information provided in the annual report year on year
increase is based on increase in revenues and underlying profit. Also the
improvement of working capital management is another reason why the value of
assets has been improving yearly. There has been a increase in investing activities
driven by the capital expenditure due to the opening of a 100,000 square feet of
new retail space, opening of the new distribution centre, and information
technology investments. If the company manages to maintain this yearly progress
they will continue to produce a good balance sheet that will enable them to invest
in new business opportunities and infrastructure growth.
The value of property, plant and equipment increased by 10% in 2014 from £63.7m
the previous year to £70.3m. However £21.8m in 2014 was taken from capital
additions and relates to leasehold improvements in the company. Balance is made
up of computer equipment, fixture and fittings and furniture which all add up to
£5million.
Intangible assets consist of lease premiums, goodwill, trademarks and distribution
agreements. The website and computer software was valued at £46.7million at the
year end compared to £41.5million in 2013. After a successful year the company's
reputation value (gooodwill) went up £0.7m and also the value of intangibles
increased.
"Investment in inventories, trade receivables and trade payables decreased by
0.7% during the year to £67.9m (2013: £68.4m) and as a proportion of Group
revenue was 15.8% (2013: 19.0%). Group inventory increased to £77.8m (2013:
£72.5m), up 7.3%. The increase in inventory is a result of the increase in both retail
space and sales, offset by a reduction in aged stock. Trade receivables (excluding
prepayments and provisions) increased by 14.8% to £32.5m (2013: £28.3m) and
were 7.5% (2013: 7.8%) of Group revenue. This is broadly in line year-on-year".
(Investegate, 2014)
Table 2 – SuperGroup Balance Sheet

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Ted Baker Income Statement
2012 2013 2014 Amount
change in
millions
Percentage
change
Turnover 215.625 254.466 321.921 38.841 (2013)
67.455 (2014)
18% (2013)
26.5% (2014)
Cost of sales 83.419 95.740 123.451 12.321 (2013)
27.711 (2014)
14.8% (2013)
29% (2014)
Gross margin 132.206 158.726 198.47 26.52 (2013)
39.744 (2014)
20.1% (2013)
25% (2014)
Distribution
costs
82.358 101.357 123.211 18.999 (2013)
21.854 (2014)
23.1% (2013)
21.6% (2014)
Administrative
expenses
29.640 32.984 43.381 3.344 (2013)
10.397 (2014)
11.3% (2013)
31.5% (2014)
Exceptional
costs
2.814 2.614 1.046 0.2 (2013)
1.568 (2014)
7.1% (2013)
60% (2014)
Licence
income
6.733 7.509 8.888 0.776 (2013)
1.379 (2014)
11.4% (2013)
18.4% (2014)
Other
operating
expense
0.142 0.234 0.132 0.092 (2013)
0.102 (2014)
64.7% (2013)
43.6% (2014)
Operating
income
10.519 15.596 21.812 5.077 (2013)
6.216 (2014)
48.3% (2013)
38.9% (2014)
Ted Baker continue to perform well each year in the trading environment and are focused
on the long term progression of the brand globally. Openings of more stores across all
markets and investing in newer markets has been the reason why turnover has been
healthy each year. They continue to invest in people and infrastructure to support growth
of Ted Baker which will bring more revenue in the future. According to the chairman's
statement in the annual report "following the successful launch of our e-commerce
platform, we will further develop our e-commerce site to provide a more relevant customer
experience and advance the local content provided to our European customers including
language options specific to key countries." (David Bernstein, 2014) This has been a key
factor in the progression of Ted Baker as they have improved their internet sites over the
years which makes shopping online easy and attracts more customers, in return brought
more revenue. Another reason for progression each year is the opening of further
concessions in France and Netherlands. Also the growth in the US played a big part in
terms of revenue as three more stores were opened and an e-commerce site was also
introduced after it was a success in the UK. Lastly following an expansion in the Asian
market in 2013 the company enjoyed more revenue returns from its invest in people and
infrastructure but remain focused on building brand awareness in this market as its still
developing which shows the company is aware of the mandatory work that needs to done
to maintain consist flow of revenue each year.
Table 3 – Ted Baker Income Statement

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Ted Baker balance sheet
2012 2013 2014 Amount
change in
millions
Percentage
change
Total non-
current assets
41.255 52.285 57.201 11.03 (2013)
4.916 (2014)
26.7% (2013)
9.4 % (2014)
Total current
assets
91.387 112.389 144.409 21.002 (2013)
32.02 (2014)
23% (2013)
28.4% (2014)
Total non-
current
liabilities
1.420 0.497 N/A 0.923 (2013) 65% (2013)
Total current
liabilities
46.487 65.284 89.546 18.797 (2013)
24.262 (2014)
40.4% (2013)
37.1% (2014)
The value of assets has been increasing consistently each year due to the retail
sector performing well with sales up to 14% according to the annual report.
Wholesale and licence income also played a part in increasing the value of the
company's assets. However as the company is investing in new markets and
opening new stores worldwide they have borrowed money to fund and support
infrastructure development which has led to liabilities going up each year.
Table 4 – Ted Baker Balance Sheet

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Bar Graph - Company comparison
Graph 1 – Trend Analysis
Looking at the chart both companies have progressed in three years. Both
companies saw a gap in the market and decided to invest in new emerging market
territories, people and developing infrastructure programs around the world. Also the
development of its e-commerce service provided more revenue stream for both
companies, which in turn increased the value assets such as goodwill.
£-
£50.00
£100.00
£150.00
£200.00
£250.00
£300.00
£350.00
£400.00
£450.00
£500.00
2012 2013 2014
In millions
Super Group and Ted baker
Super Group Turnover
Ted baker turnover
Super Group assets
Ted baker assets

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Ratio Analysis
Ratio Analysis of Ted Baker and SuperGroup for the year ending 2012, 2013 and
2014
Ratio Analysis: Over the years, investors and analysts have developed various
analytical tools, concepts and techniques to look at the relative qualities and
shortcomings of organizations. These tools, concepts and techniques structure the
premise of key examination of the fundamentals.
Ratio Analysis is a tool that was developed to perform quantitative analysis on
numbers found on financial statements. Ratios help link the three financial
statements together and offer figures that are comparable between companies and
across industries and sectors. Ratio analysis is one of the most widely used
fundamental analysis techniques.
Ratio Analysis is usually classified into five categories, they are
1. Profitability Ratio.
2. Liquidity Ratio.
3. Efficiency Ratio.
4. Gearing Ratio.
5. Investment Ratio.
Findings Of Ratio Analysis
1. Profitability Ratio: Every firm is most concerned with its profitability. A standout
amongst the most regularly used financial ratio analysis is profitability ratio, which is
utilized to focus the organization's bottom-line. Profitability measures are imperative
to company managers and owners apparently equivalent. If a small business has
outside investors who have put their own money into the company, the primary
owner certainly has to show profitability to those equity investors. (Bernstein & Wild,
2004)
Profitability Ratios are further categorized into.
(a) Gross Profit Margin: The gross profit margin looks at cost of goods sold as a
percentage of sales This ratio looks at how well an organization controls the expense
of its inventory and the manufacturing of its products and accordingly passes on the
expenses to its customers. The bigger the gross profit margin, the better for the
organization
Gross Profit Margin = Gross Profit x 100
Sales Revenue

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Graph 2 - Gross Profit Margin.
Ted Baker: The gross profit margin for the Group decreased by 0.7% from 62.4% in
2013 to 61.7% in 2014. An increase in the proportion of total sales attributable to the
wholesale business. While retail margins were in line, wholesale margins were lower
due to a greater proportion of wholesale sales to the territorial license partners,
which carry a lower margin. How ever there was increase in the gross profit margin
in 2013 from 62.4% to 61.3% in 2012.
SuperGroup: The Group gross margin for 2014 rose to 59.7% from 58.3% reflecting
lower clearance activity, the increasing mix of international business, and the
benefits of increasing scale and purchasing power.
(b) Net Profit Margin: When doing a simple profitability ratio analysis, net profit
margin is the most often margin ratio used. The net profit margin shows how much of
each sales pound shows up as net income after all expenses are paid.
Net Profit Margin = Net Profit x 100
Sales Revenue
Graph 3 - Net Profit Margin.
54.00%
56.00%
58.00%
60.00%
62.00%
64.00%
Ted Baker SuperGroup
Gross Profit Margin
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
16.00%
18.00%
2012 11.20% 16.40%
2013 11.40% 14.40%
2014 12.00% 10.50%
Net Profit Margin

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Ted Baker: Net Profit Margin for the year 2014 increased to 12% compared to 2013:
11.4% and 2012: 11.2%.
SuperGroup: Net Profit Margin for the year 2014 fell by 3.9% to 10.50% from
14.40% in 2013 and 16.40% in 2012. This shows that the net profit is not doing well,
compared to sales after the overheads are taken out.
* For the calculation of the aboved mentioned Net Profit Margin, we have considered
the Profit before tax and interest as the Net Profit
(c) Return on Capital Employed: The Return on Capital Employed ratio is perhaps
the most important of all the financial ratios to investors in the company. It measures
the return on the money the investors have put into the company.
Return on Capital Employed = Operating Profit x 100
Capital Employed (Equity)
Graph 4 - Return On Capital Employed.
Ted Baker: The Return on Capital Employed increased gradually from 2012:
28.00% to 2013: 29.70% and further to 35.30% in 2014.
SuperGroup: for the SuperGroup the Return on Capital Employed decreased from
23.50% in 2012 to 2013: 20.10% and to 2014: 15.30%.
2. Liquidity Ratios: A company's liquidity is its ability to meet its near-term
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
40.00%
2012 28.00% 23.50%
2013 29.70% 20.10%
2014 35.30% 15.30%
Axis Title
Return on Capital Employed

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obligations, and it is a major measure of financial health. Liquidity can be measured
through several ratios, but the most commonly used are
(a) Current Ratio: The current ratio is the most fundamental liquidity test. It
connotes a company's capacity to reach its transient liabilities with its current assets.
A current ratio more prominent than or equivalent to one indicates that current assets
ought to have the capacity to fulfill near term commitments.
Current Ratio = Total Current Assets
Total Current Liability
Graph 5 – Current Ratio.
Ted Baker: The Current Ratio for Ted Baker decreased from 2 in 2012 to 1.7(2013)
and further to 1.6 in 2014. This decrease in the ratio is due to increase in the current
liability of the company.
SuperGroup: There is an increasing trend in the Current Ratio of SuperGroup
particularly due to decrease in its current liability.
(b) Quick Ratio (Acid Test): The Quick Ratio is a harder test of liquidity than the
current ratio. It wipes out specific current assets for example, inventory and prepaid
costs that may be harder to change over to cash. Like the current ratio, having a
quick ratio over one, the company ought to have little problem with liquidity. The
higher the ratio, the more liquid it is, and the better capable the company will be to
ride out any downturn in its business.
Quick Ratio = Total Quick Assets
Total Current Liability
0
0.5
1
1.5
2
2.5
3
2012 2 2.4
2013 1.7 3
2014 1.6 3
Current Ratio

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Graph 6 – Quick Ratio.
Ted Baker: from the above graph we can see that the Quick Ratio of Ted Baker is
well below the mark of 1. This is a cause of concern, as the company’s current
liability is more than its quick asset.
SuperGroup: Compared to the ratios of Ted Baker, SuperGroup has a healthy ratio
and it doesn’t look like the company might get into any trouble as its Quick Ratios
are high and are increasing gradually year after year.
3. Efficiency Ratio: Efficiency Ratios are typically used to analyze how well a
company uses its assets and liabilities internally. Efficiency Ratios can ascertain the
turnover of receivables, the repayment of liabilities, the amount and use of equity
and the general utilization of inventory and machinery.
(a) Trade Receivable Days: In trade receivable days, we calculate the time period
of trade receivable which is the total amount of money due to the company for
products or services sold on an open credit account.
Trade Receivable Days = Trade Receivable x 365
Credit Sales/ Sales Revenue
Graph 7 – Trade Receivable Days.
0
0.5
1
1.5
2
2012 0.86 1.38
2013 0.68 1.77
2014 0.71 1.92
Quick Ratio
0
10
20
30
40
50
60
2012 52 50
2013 49 46
2014 39 46
Days
Trade Receivable Days

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Group Coursework

Ted Baker: The Trade Receivable Days for Ted Baker has kept on decreasing from
52 days in 2012 to 49 days in 2013 and 39 days in 2014. This is particularly due to
decrease in the Trade Receivable of the company.
SuperGroup: On the other hand the Trade Receivable Days for SuperGroup is
remained almost constant from 50 days in 2012 to 46 days in both 2013 and 2014.
(b) Creditors Payment Period: Creditors Payment Period is a short-term liquidity
measure used to quantify the rate at which a company pays off its suppliers and
vendors.
Creditors Payment Period = Trade Payable x 365
Credit Purchase/ Cost of Sales
Graph 8 – Creditors Payment Period.
Ted Baker: The Creditors Payment Period for the company is 154 days, 156 days
and 134 days for the years 2012, 2013 and 2014 respectively.
SuperGroup: The Creditors Payment Period for the company is 128 days, 119 days
and 61 days for the years 2012, 2013 and 2014 respectively.
(c) Inventory Turnover Days: For a company to be profitable, it must have the
capacity to deal with its Inventory, on the grounds that it is money invested that does
not earn a return. The best measure of inventory utilization is the Inventory turnover
ratio. The lower turnover in days indicates the maximum utilization of inventory
efficiently.
Inventory Turnover Days = Inventory x 365
Cost of Sale
0
20
40
60
80
100
120
140
160
2012 154 128
2013 156 119
2014 134 61
Days
Creditors Payment Period

Group Coursework 19

Graph 9 – Inventory Turnover Days.
Ted Baker: The Inventory Turnover Days for Ted Baker was 227 days in 2012, 258
days in 2013 and 238 days in 2014,
SuperGroup: The Inventory Turnover Days for SuperGroup was 150 days in 2012,
176 days in 2013 and 164 days in 2014. Which is comparatively lower than that of
Ted Baker and the SuperGroup is able to convert its inventory into cash more
efficiently and faster compared to Ted Baker.
4. Financing Ratios: Financing Ratios are extremely helpful pointers of a
company's performance and financial situation. Financing Ratios can be utilized to
investigate patterns and to contrast the company's financials with those of others.
(a) Gearing Ratio: The Gearing Ratio contrasts an company's total debt with its total
equity, which is utilized to increase a general thought as to the measure of leverage
being utilized by the company. A low rate means that the company is less subject to
leverage, i.e., cash obtained from and/or owed to others. The lower the rate, the less
leverage a company is utilizing and the stronger its equity position. The higher the
proportion, the more risk the company is considered to have taken on.
Gearing Ratio = Long Term Liabilities + Preference Shares
Ordinary Shareholders Funds (Equity)
0
50
100
150
200
250
300
2012 227 150
2013 258 176
2014 238 164
Days
Inventory Turnover Days

20
Group Coursework

Graph 10 – Gearing Ratio.
Ted Baker: The Gearing Ratio for the company for the years 2012, 2013 and 2014
is as follows 1.70%, 0.50% and 0.00% respectively.
SuperGroup: Whereas the Gearing Ratio for SuperGroup for the same review
period as above is 18.6%, 14.4% and 12%. Usually The lower the rate, the less
leverage a company is utilizing and the stronger its equity position. The higher the
proportion, the more risk the company is considered to have taken on. So from the
above graph we can see that SuperGroup has a large Gearing Ratio due to its High
Long term Liabilities compared to that of Ted Baker.
(b) Interest Cover: The interest cover ratio is utilized to decide how effectively a
company can pay interest expense on outstanding debt. The ratio is ascertained by
dividing a company's profit before interest and tax by the company's interest
expense for the same period. The lower the ratio, the more the company is loaded
by debt expense.
Interest Cover = Profit Before Interest and tax
Interest Payable
Graph 11 – Interest Cover.
0.0%
5.0%
10.0%
15.0%
20.0%
2012 1.7% 18.6%
2013 0.5% 14.4%
2014 0 12%
Gearing Ratio
0
20
40
60
80
100
120
140
2012 126.3 0
2013 45.7 0
2014 33.3 0
Interest Cover

Group Coursework 21

* We consider the interest cover for SuperGroup as Zero as there is no interest
to be paid for the period under the review
Ted Baker: The Interest Cover for Ted baker over the years 2012, 2013 and 2014 is
126.3, 45.7 and 33.3 respectively; we can see that there is a downward trend in the
interest cover this is due to the increase in debt expense.
SuperGroup: However the Interest Cover for SuperGroup is Nil as the company has
no Debt Expense and the company has no Interest to pay.
(c) Earning Per Share (EPS): The portion of a company’s profit allocated to each
outstanding share of common stock. Earning per share serves as an indicator of a
company’s profitability.
EPS = Profit after interest and tax - Minority interest - Preference dividends
Number of Ordinary Shares
Graph 12 - EPS
Ted Baker: The EPS of Ted Baker for the year 2012 was 42.2p which increased by
22% to 51.5p in 2013 and further increased by 31% to 67.2% in 2014.
SuperGroup: Unlike Ted Baker the EPS of SuperGroup kept on decreasing from
44.9p in 2012 by 0.5% to 44.7p in 2013 and further decreased by 31.5% to 34p in
2014. This was due to the fall in share price of SuperGroup.
(d) Diluted EPS: A performance metric used to gage the nature of a company's
Earning Per Share (EPS) if all convertible securities were worked out. A convertible
security alludes to all exceptional convertible preference shares, convertible
debentures, stock options (primarily employee based) and warrants. The diluted EPS
will always be lower than the simple EPS.
£-
£0.100
£0.200
£0.300
£0.400
£0.500
£0.600
£0.700
2012 £0.422 £0.449
2013 £0.515 £0.447
2014 £0.672 £0.34
EPS

22
Group Coursework

Diluted EPS = Profit after interest and tax – Minority interest – Pref dividends
The weighted average number of ordinary shares +The weighted average
number of potential ordinary shares
Graph 13 – Diluted EPS.
Ted Baker: The Diluted EPS of Ted Baker shows an upward trend, which increased
by 23% from 40.6p in 2012 to 49.9p in 2013 and further, increased by 33% to 66.3p
in 2014, this is significantly due to the increase in the company’s share price.
SuperGroup: Unlike Ted Baker the Diluted EPS of SuperGroup kept on decreasing
from 44.7p in 2012 by 0.9% to 44.3p in 2013 and further decreased by 31.8% to
33.6p in 2014. This was due to the fall in share price of SuperGroup
5. Investment Ratios: Investment Ratios helps us to analyze the relationship
between the investment and its returns that the company has earned over a period.
And compare it with competitors companies and decide how well or how bad a
company is performing.
(a) Price Earning Ratio (P/E): The P/E looks at the relationship between the stock
price and the company's per-share earning. The P/E is the most mainstream metric
of stock investigation, despite the fact that it is a long way from the one and only we
should consider.
Price Earning Ratio (P/E) = Market Price Per Ordinary Share
EPS
£-
£0.100
£0.200
£0.300
£0.400
£0.500
£0.600
£0.700
2012 £0.406 £0.447
2013 £0.499 £0.443
2014 £0.663 £0.336
Diluted EPS

Group Coursework 23

Graph 14 – P/E Ratio.
Ted Baker: From the above graph we can see that there is an upward trend in the
P/E Ratio from 16.6 in 2012 to 18.8 in 2013 which further increased to 25.95 in 2014.
The main reason for this increase is the rise in the share price.
SuperGroup: From the above graph we can see that there is a drastic drop in the
P/E Ratio from 21.7 in 2012 to 11.12 in 2013 this is attributed due to the sudden and
phenomenal drop in the share price, but then we see a upward trend from 2013 to
35.4 in 2014 as the share price regained in the market.
(b) Dividend Coverage Ratio: Dividend Coverage Ratio states the number of times
a company is capable of paying dividends to its shareholders from the profits earned
during an accounting period.
Dividend Coverage Ratio = Profits available to Ordinary Shareholders
Ordinary Dividends
Graph 15 – Dividend Coverage Ratio.
0
10
20
30
40
2012 16.6 21.7
2013 18.8 11.12
2014 25.95 35.4
P/E Ratio
0
0.5
1
1.5
2
2012 1.8 0.00
2013 1.9 0
2014 2 0
Dividend Coverage Ratio

24
Group Coursework

Ted Baker: We can see that there is a upward trend in the dividend cover of Ted
Baker which is due to the increase in the profits.
SuperGroup: The SuperGroup paid no Dividend, The Board recognizes the level of
cash building on the balance sheet but has decided not to return excess cash to
shareholders. There are a number of opportunities over and above the organic roll-
out covered in the Strategic Report which, when and if they materialize, will require
meaningful capital investment and the Board does not wish to restrict the Group’s
ability to take advantage of these opportunities. Consequently, the Board remains of
the view that the business is best served by retaining current cash reserves to
support growth (SuperGroup Annual Report, 2014)
(c) Dividend Yield: A financial ratio that shows how much a company pays out in
dividends each year relative to its share price. In the absence of any capital gains,
the dividend yield is the return on investment for a stock.
Dividend Yield = Dividend per Share x 100
Market Price per Share
Graph 16 – Dividend Yield.
Ted Baker: From the graph we can see that there is an downward trend in the
Dividend Yield of the company, this is due to the higher share price and the lower
dividend paid to the share holders
SuperGroup: The SuperGroup paid no Dividend, and hence there is no Dividend
Yield. The Board recognizes the level of cash building on the balance sheet but has
decided not to return excess cash to shareholders. There are a number of
opportunities over and above the organic roll-out covered in the Strategic Report
which, when and if they materialize, will require meaningful capital investment and
the Board does not wish to restrict the Group’s ability to take advantage of these
opportunities. Consequently, the Board remains of the view that the business is best
served by retaining current cash reserves to support growth (SuperGroup Annual
Report, 2014)
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
2012 3.33% 0
2013 2.75% 0
2014 1.93% 0
Dividend Yield

Group Coursework 25

Share Price Analysis
The Share Price Analysis provides information to find the performance of both
companies knowing the share price being traded on London stock exchange and to
provide customer the confidence for the future of the companies.
Ted Baker.PLC Share Price
Graph 17 – Share Price Analysis of Ted Baker
Share price of Ted Baker has been increasing for the past five years .The share
price has increased by 87% from 2012- 2013. Ted Baker has been able to post solid
results because it has persuaded customers its worthwhile paying a premium for
product which has a quality edge as well as strong design credentials (BBC news
2012). The share price had a huge boost in 2014 when they reached 2000p .The full-
year results showed it has been performing well across all its markets with wholesale
up 35 per cent and website sales ahead by 55.7 per cent. Group sales soared 26.5
per cent to £321.9 million due to global expansion and ecommerce sales (
independent, 2014). Group sales rose 15.7% for the three months to 8 November
compared with the same period a year ago, as the company opened stores in Las
Vegas and Toronto, and further concessions in the US, France, Spain, Portugal and
South Korea. Performance was also boosted by a 34.6% rise in internet sales( the
guardian 2014). it continued to perform well in London stock exchange and they
expanded the overseas market to increase its shares in later half of 2014.

26
Group Coursework

SuperGroup.PLC Share Price
Graph 18 – Share Price Analysis of SuperGroup
SuperGroup share price has faced more ups and downs in the past 5 years. It
started well when they came into the London stock exchange in March 2010.The
share price started increasing in 2011 the firm made £47m in the 2010-11 financial
year. When the profits went almost doubled. But the share price dwindled in April/
May 2012. when it decreased by huge 117% from the previous year. SuperGroup
lost shares on poor maths, wholesale issues and more shoppers buying its
trademark T-shirts and hooded tops at knockdown prices from eBay and discount
stores, has sent its shares plummeting (The guardian 2012). SuperGroup’s operating
costs also rose significantly during the 2011/2012 financial year. This rapid jump in
the group’s overheads is likely to have been one of the principal reasons for
SuperGroup’s disappointing profit margin in 2012 (thegatewayonline 2013).
To conclude the comparison of share price between Ted Baker and SuperGroup,
although both firms have done well in the London stock exchange. The clear winner
here is Ted Baker whose share price been steadily increasing from 2010 and
continuing to perform really well till now. Whereas the SuperGroup has more issues
of which they lost their share in 2012 but they performed well from 2013 and
continuing to perform very well in London stock exchange till now.

Group Coursework 27

CVP Analysis
Cost-Volume-Profit (CVP) analysis is a managerial accounting technique that is
concerned with the effect of sales volume and product costs on operating profit of a
business. It deals with how operating profit is affected by changes in variable costs,
fixed costs, selling price per unit and the sales mix of two or more different products.
(Accounting explained, 2011)
Assumptions
A number of assumptions have to be made to simplify and enable computation and
comparison for both companies observed in this report.
The first and main assumption is that the company sells only one product. However,
this is not true for most companies where resulting data refers to an average
costumer. This average costumer might buy a mix of several products, usually
referred to as sales mix, which is why sales price and variable costs are valid for this
mix of products only (Eldenburg and Wolcott 2005).
The second assumption is that neither fixed costs nor variable costs changed over
the considered time span. Otherwise, calculations would require a deeper insight into
the company’s financial structure, which is not available from the annual reports
(Caplan 2007).
The third assumption is to consider a fixed sales mix over the reviewed time span. In
addition, prices are presumed to remain constant over the survey period (Eldenburg
and Wolcott 2005).
WORKINGS AND GRAPHS
SuperGroup.Plc 2012
Total Fixed Cost =151m
Variable Cost =135.0m
Selling price =313.8m
Gross profit =178.8
Break event point in units:151/178
=848,315 units
Break event point in pounds
0.848*313.8=266.20m
Graph 19 – Break Even Point
for SuperGroup 2012
0
200
400
600
100
200
300
400
500
600
700
800
900
1000
1100
1200
1300
1400
1500
sales and cost in £
millions
unit of sales in *1000
Break Even Point SUPER GROUP.LTE 2012
total fixed cost revenue total cost

28
Group Coursework

SuperGroup.Plc 2013
Total Fixed Cost =176.7m
Variable Cost =150.4m
Selling price =360.4m
Gross profit =210
Break event point in units
:176.7/210=841,429 units
=.841*360.4=303.25m
Graph 20 – Break Even Point for
SuperGroup 2013
SuperGroup.Plc 2014
Total Fixed Cost = 215.4m
Variable Cost = 173.6
Selling price = 430.9m
Gross profit = 257.3
Break event point in units=
215.4/257.3=837,110 units
Break event point in pounds=
0.837*430.9=360.66m
Graph 21 – Break Even Point for
SuperGroup 2014
Year 2012 2013 2014
Selling price 313.8 360.4 430.9
Break even point 266.20 303.25 360.66
Break event point
units
848,315 841,429 837,110
Contribution Per unit 314 428 438
Margin of safety[%] 14% 50% 28%
Table 5- CVP of SuperGroup
0
100
200
300
400
500
millions unit of sales in *1000
Break Even Point SUPER GROUP.LTE 2013
total fixed cost total revnue total cost
0
100
200
300
400
500
600
700
0
100
200
300
400
500
600
700
800
900
1000
1100
1200
millions
break even point super group 2014
Column3 Column2 Series 3

Group Coursework 29

Ted Baker.Tlc 2012
Variable Cost =83m
Selling price =216m
Gross profit =132m
Break event point in units:122/133
=917,293 units
:.917*216=198.14m
Graph 22 – Break Even Point for Ted Baker 2012
Ted Baker.Plc 2013
Variable Cost =96m
Selling price =255m
Gross profit =159m
Break event point in units
:145/159=911,940 units
=0.911*255=232.55m
Graph 23 – Break Even Point for Ted Baker
2013
Ted Baker.Plc 2014
Variable Cost =124m
Selling price =322m
Gross profit =199m
Break event point in
units:178/198=898,990 units
:0.848*322=289.47m
Graph 24 – Break Even Point for Ted Baker
2014
0
100
200
300
400
100
200
300
400
500
600
700
800
900
1000
1100
1200
1300
1400
1500
millions
Break even point of TED BAKER.TLC
2012total fixed cost total reavenue
0
50
100
150
200
250
300
350
400
100
200
300
400
500
600
700
800
900
1000
1100
1200
1300
1400
1500
millions
total fixed cost total revenue total cost
0
100
200
300
400
500
600
100
200
300
400
500
600
700
800
900
1000
1100
1200
1300
1400
1500
millions
Fixed cost Sales revenue total cost

30
Group Coursework

Break-Even Point and Margin of Safety of TED BAKER
Year 2012 2013 2014
Selling price 216 255 322
Breakeven point 198.14 232.55 289.47
Breakeven point units 917,293 911,940 898,990
Contribution Per unit 216 255 322
Margin of safety[%] 1.7% 22% 33%
Table 6- CVP of Ted Baker
Description
SuperGroup
• In 2012 the company met the breakeven point by selling 848,315 units
(£303.24m) 31.9% more revenue than the last year.
• In 2013 Super Group managed to meet the breakeven point by selling
841,429 units (£266.20m) and revenue also increased by 14.9%.
• In the latest year 2014 the company performed well and sold 837,110 units to
meet the break event point and went on to increase sales by 19%
Ted Baker
• In 2012 the company had to sell 917,293 units to cross the input cash of
£198.14m which is same as the year 2013.
• In the year 2013 the company has to take up 232.55 million pounds to meet
the break event point by selling some what similar amount of products like last
year 911,940 units and hence the organisation made a 18% more group
revenue than the last year.
• In year 2014 the Ted Baker company had to sell 898,990 units to meet the
break event point of 289.47 million and hence which has gone forward and
made a better margin than the last two years by increase in 26.5% in the
overall revenue.

Group Coursework 31

Comparison
SuperGroup in the year 2012 to 2014 made 19% to 31% increase in total revenue
and an overall profit of £40.4m after the breakeven point from £266.20m to £360m
which led to the increase of contribution per unit from £314m to £438m.
Ted Baker is a good example of a successful company and made good revenue
without much fluctuations in the company and showing high number of sales in the
duration period. It has the breakeven point of approximately 900,000 units and
contribution per unit rose from £216m to £322m.
Conclusion
Hence the conclusion of both the companies proves that they make meet the break
even point by meeting its revenues more and making a firmly profit as well. These
both companies are entirely different in process and they make a better margin
separately, hence it can be increased by decreasing in administrative and general
expenses by maintaining it efficiently and also by increasing sales by implementing
better techniques like SuperGroup to bring up the better result for Ted Baker.

32
Group Coursework

Financial News Review
Ted Baker. PLC
On 13th
November 2014, it was reported by the Financial Times that retail sales in
the 13 weeks to November 8 rose by 12.7% as an increase in retail space offset the
adverse currency fluctuations. Moreover the wholesale revenues increased by about
25% over the same period while the overall group revenue increased by 15.7%. Two
weeks later, on 28th
November 2014, Investors Chronicle revealed that Lindsay
Page, finance director of Ted Baker offloaded almost £1million worth of shares. The
company reported that the 45,000-share sale at 2,050p left Mr Page with 81,000
shares as well as 58,000 nil-cost incentive-scheme options.
Ted Baker was also in the news for wrong reasons as it was revealed by the
Telegraph on 3rd
November 2014 that a warehouse worker stolen more than 7 tones
of Ted Baker clothes which cost the firm nearly GBP 5 million in lost business and
legal costs. The thefts were revealed after the failure of a legal challenge by Ted
Baker's distribution arm, No Ordinary Designer Label Limited (NODL), against its
insurers, who refused to pay out because the company had not completed the
necessary paperwork.
SuperGroup. PLC
On 10th
October 2014, Share news reported that SuperGroup concluded an
agreement to acquire 78.28% of the shares of Allen Ford, which is a franchised
motor dealer group that has over 100 years, history in the UK motor industry. It was
purchased for GBP 33.9million while the net asset value of the Allen Ford acquisition
is approximately GBP 9.5 million. On the 12th
of December 2014, it was reported by
the Telegraph that SuperGroup launched a strategic review of the retailer after it
reported a sharp slide in profits. They suffered a 5% drop in its shares while the like-
for-like sales fell by 4.1pc in the 26 weeks to October 25. Moreover the shares in
SuperGroup were down by 23.79p, which stood at 806.21p.
On 23rd
April 2012, Accounting Web revealed that SuperGroup suffered a GBP 2.5
million shortfall due to arithmetic errors in its forecasting. Furthermore they also
suffered a loss of GBP 4 million because demand for its stock came later than
expected in addition to the rise in operating costs.

Group Coursework 33

Conclusion
In conclusion, it can be seen that Ted Baker has been performing consistently well in
the past few years while SuperGroup has been inconsistent with their performance.
It is clear that both these companies maximized their profit through investment in
distinct market territories, people and developing infrastructure programs around the
world in addition to the development of its e-commerce, which provided further
revenue streams.
On analyzing their performance in the market, it is evident that Ted Baker has been
enjoying a stability in terms of achieving a profit whereas SuperGroup has been
struggling to maintain its benefits due to excessive operating costs which can be
seen through its reduced net profit margin and the return on its capital employed.
Nevertheless both the companies have been able to meet its near-term obligations
and have been efficient on how they use their assets and liabilities internally.
Moreover share price of Ted Baker has been rising rapidly for the past five years.
The share price reached 2000p in 2014 after it increased by about 87% in 2012-
2013. Results show that it has been performing well across all markets with
wholesale up by 35% and website sales ahead by 56%. Also group sales soared
26.5% to £321.9 million due to global expansion and ecommerce sales. In contrast
SuperGroup performance in the share market for the last five years has been
instable due to the continuation fluctuations in its share price. They lost a whopping
117% in 2012 from the previous year due to poor forecasting and rising maintenance
costs. However from 2013 there has been a steady rise in its share price after they
entered into e-commerce.

34
Group Coursework

Bibliography
Algy Hall (2014), Finance director sheds Ted Baker. Investors Chronicle [online]. 28
November 2014. Available at:
http://www.investorschronicle.co.uk/2014/11/28/shares/directors-deals/finance-
director-sheds-ted-baker-
0Kwck4eXMQN0XCD6awGteO/article.html;jsessionid=2C2E174798D0A35B8DC197
593BF37FEF.mps-apr-01-8104 [Accessed 30 November 2014].
Agency (2014), Super Group to Purchase UK Ford and Kia Dealerships. Sharenews
[online].10 October 2014. Available at: http://sharenews.co.za/super-group-to-
purchase-uk-ford-and-kia-dealerships/ [Accessed 12 December 2014].
Agency (2014), Ted Baker loses £5m after employee steals seven tonnes of clothes.
Telegraph [online]. 3 November 2014. Available at:
http://www.telegraph.co.uk/news/uknews/crime/11205477/Ted-Baker-loses-5m-after-
employee-steals-seven-tonnes-of-clothes.html [Accessed 30 November 2014].
Caplan, D. (2007). Management Accounting: Concepts and Techniques - Part 2:
Microeconomic Foundatios of Management Accounting [online]. Available from:
http://classes.bus.oregonstate.edu/spring-
07/ba422/Management%20Accounting%20Chapter%207.htm. [Accessed 01
December 2013].
Eldenburg, L.G. and Wolcott, S.K. (2005). Cost Management: Measuring,
Monitoring, and Motivation Performance. John Wiley & Sons, Hoboken, NJ. pp. 86-
127. Available from: http://www.wiley.com/college/sc/eldenburg/ch03.pdf. [Accessed
08 December 2014].
Graham Ruddick (2014), Supergroup warns on margins as profits slide 30pc.
Telegraph [online]. 12 December 2014. Available at:
http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/11286862/Supe
rgroup-warns-on-margins-as-profits-slide-30pc.html [Accessed 12 December 2014].
Inside a real business: supergroup’s P&L statement .[online] Available at:
<http://thegatewayonline.com/commercial-awareness/business-analysis/inside-a-
real-business-supergroups-pl-statement > [Accessed at 10 december 2014]
Khadim Shubber (2014), Ted Baker avoids UK warm weather woes. Financial Times
[online]. 13 November 2014. Available at: http://www.ft.com/cms/s/0/b17c212a-6b21-
11e4-ae52-00144feabdc0.html#axzz3KYT65WlW [Accessed 30 November 2014].
Larsen,L.2010. History of Ted Baker[online]. Available at
http://www.mademan.com/mm/history-ted-baker.html [Accessed 8th December
2014].
Robert Lovell (2014), SuperGroup gets forecasts wrong. AccountingWeb [online]. 23
April 2012. Available at: http://www.accountingweb.co.uk/article/supergroup-profit-
warning-down-maths-errors/526687 [Accessed 12 December 2014].

Group Coursework 35

Student study guide” Pearson Higher Education,2012.Cost-volume-profit
analysis.[pdf].Available at:
http://wps.prenhall.com/wps/media/objects/2033/2082045/student_study_guide/cost
12_study03.pdf [accessed 14 December 2014].
SuperGroup.PLC, 12 December 2012. Available at
<http://www.supergroup.co.uk/our-history> [Accessed 8th December 2014]
SuperGroup shares plunge after new profit warning blamed on bad maths. The
Guardian [online] Available at:
<http://www.theguardian.com/business/2012/apr/20/supergroup-shares-plunge-
profit-warning> [Accessed at 10 December 2014].
Ted Baker profits soar as retailer aims for global expansion. Independent [online]
Available at: <http://www.independent.co.uk/news/business/news/ted-baker-profits-
soar-as-retailer-aims-for-global-expansion-9205171.html > [Accessed at 09
December 2014].
Ted Baker sales flourish in unseasonal autumn conditions.The Guardian [online]. 13
November 2014. Available at:
<http://www.theguardian.com/business/2014/nov/13/ted-baker-sales-rise-warm-
autum-weather > [Accessed at 09 December 2014].
Ted Baker's sales boosted by overseas growth. BBC [online]. 12 June 2012. Available at:
<http://www.bbc.co.uk/news/business-18406260 > [Accessed at 08 December 2014].

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