Ted Baker Chairman John Barton Dies at 77

People shelter under umbrellas as they pass a Ted Baker a store in London, Britain October 06, 2015. REUTERS/Neil Hall/File Photo
People shelter under umbrellas as they pass a Ted Baker a store in London, Britain October 06, 2015. REUTERS/Neil Hall/File Photo
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Ted Baker Chairman John Barton Dies at 77

People shelter under umbrellas as they pass a Ted Baker a store in London, Britain October 06, 2015. REUTERS/Neil Hall/File Photo
People shelter under umbrellas as they pass a Ted Baker a store in London, Britain October 06, 2015. REUTERS/Neil Hall/File Photo

British fashion chain Ted Baker on Monday said Chairman John Barton had died, and senior independent director Helena Feltham would take on the role of interim chairman with immediate effect.

In a brief statement, the London-listed retailer did not specify the cause of Barton's death, but said it was sudden.

Barton, 77, joined Ted Baker from airline easyJet in July last year, as the fashion group's management sought to revive its fortunes after suffering a string of setbacks in 2019.

He previously also served as chairman of rival fashion retailer Next Plc and was senior independent director at WH Smith and SSP Group, Reuters reported.

Last month, Ted Baker said sales were rebounding as office- and party-wear became popular again after pandemic curbs were lifted, but signaled that the pace of recovery was still uncertain.

Ted Baker has also been working to repair its image after former boss Ray Kelvin left in 2019 following misconduct allegations. Kelvin, who started the company in 1988 in Glasgow in Scotland, has denied the allegations.

The company has 377 stores and concessions.



Birkenstock Results Beat on Resilient Demand, Forecasts Margin Recovery

A Birkenstock shoe is displayed at Birkenstock shoe store in London, Britain, October 11, 2023. (Reuters)
A Birkenstock shoe is displayed at Birkenstock shoe store in London, Britain, October 11, 2023. (Reuters)
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Birkenstock Results Beat on Resilient Demand, Forecasts Margin Recovery

A Birkenstock shoe is displayed at Birkenstock shoe store in London, Britain, October 11, 2023. (Reuters)
A Birkenstock shoe is displayed at Birkenstock shoe store in London, Britain, October 11, 2023. (Reuters)

Birkenstock beat market expectations for fourth-quarter results on robust demand for its pricey footwear and forecast a recovery in margins in fiscal 2025, sending the company's shares up 7% on Wednesday.

With fresh styles becoming a priority for consumers, Birkenstock's sandals and closed-toe clogs have drawn new customers both at its own stores and at retailers.

The company bypassed steep discounting trends evident during the holiday shopping season, which Birkenstock executives said was off to a strong start globally.

"The expansion of ranges into more closed-toe silhouette has helped boost revenue, given that they offer multi-season wear," Susannah Streeter, head of money and markets at Hargreaves Lansdown, said.

Germany-based Birkenstock's average selling prices across its product range were up 8% in fiscal 2024, in part due to higher sales of clogs, the company said, adding that closed-toe styles now made up about a third of its business.

The company has invested in expanding its global store presence and increasing manufacturing capacity this year to meet demand.

While it led to a 330-basis point drop in gross margins in fiscal 2024, Birkenstock forecast a recovery in margins in fiscal 2025 as it ramps up production from new facilities.

The company reported fourth-quarter revenue of 455.8 million euros ($478.27 million), compared with the average analyst estimate of 439.2 million euros, according to data compiled by LSEG.

However, Birkenstock's forecast for fiscal 2025 revenue to increase between 15% and 17% was below estimates of 17.5% growth.

"It would appear with this incredibly healthy growth, the company is choosing to adopt a conservative approach that they expect to be able to meet and beat," BMO Capital Markets analyst Simeon Siegel said.

On an adjusted basis, Birkenstock earned 0.29 euro per share, beating estimates of 0.26 euro.