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TIDMTHT
RNS Number : 2796K
Thorntons PLC
13 July 2011
THORNTONS PLC
("Thorntons" or "the Company")
FOURTH QUARTER TRADING UPDATE
Thorntons PLC today reported its fourth quarter trading update, which is in line with expectations, for the 8 weeks up to and including 25(th) June 2011.
Key points:
-- For the year to 25(th) June 2011 total Company sales increased 1.7% to GBP218.3 million.
-- Total sales for the 8 weeks declined GBP1.9 million to GBP20.6 million.
-- Commercial sales grew 0.4% to GBP5.9 million, with more than 95% of these sales being Thorntons branded products.
-- Own Store sales declined 11.9% to GBP12.8 million with a like for like sales decline of 10.6%.
-- Franchise sales decreased 19.0% to GBP1.1 million over the period.
-- Thorntons Direct sales increased 10.7% to GBP0.8 million with growth in the online consumer sales.
-- We anticipate profit before tax, impairment and onerous lease charges for the full year to be in line with expectations.
-- The Board is considering a provision of around GBP3.5 million in the financial results for the year to 25(th) June 2011 in relation to under-performing stores identified for closure as a result of the strategic review. This charge covers impairment and onerous lease provisions.
Jonathan Hart, Thorntons' Chief Executive, commented:
"This eight week period represents less than 10% of our annual sales. As highlighted at the strategic review at the end of June, trading during this period has continued to be challenging, particularly in our Own Stores and Franchises. Whilst Commercial sales have only grown slightly they increased by an impressive 25.9% over the full year. We are encouraged by our forward orders for Christmas 2011. Thorntons Direct had a good Fathers Day trading period which contributed to the 10.7% increase in sales."
"We see the weakness in High Street footfall and spending continuing in the new financial year. As a business we are now focusing on the implementation of our transformation plan. Thorntons is a strong brand with excellent potential and I am confident that this strategy of rebalancing the business across all channels will deliver results."
Thorntons will release its preliminary announcement of results on 7(th) September 2011.
Q1 Q2 Q3 Q4
14 weeks 14 weeks 16 weeks 8 weeks
to to to to Full Year
Sales growth % 02-10-10 08-01-11 30-04-11 25-06-11 to 25-06-11
--------------- ---------- ---------- ---------- ---------- -------------
Own Stores -4.3% -6.8% -13.9% -11.9% -8.8%
--------------- ---------- ---------- ---------- ---------- -------------
Franchise
Stores -4.8% -5.4% -21.4% -19.0% -10.9%
--------------- ---------- ---------- ---------- ---------- -------------
Thorntons
Direct +18.6% +6.5% -7.9% +10.7% +4.2%
--------------- ---------- ---------- ---------- ---------- -------------
Total Retail -3.5% -5.6% -14.1% -11.6% -8.2%
--------------- ---------- ---------- ---------- ---------- -------------
Commercial
Channel +35.8% +34.3% +25.8% +0.2% +28.4%
--------------- ---------- ---------- ---------- ---------- -------------
Private label -63.6% -34.7% -10.1% +5.0% -38.7%
--------------- ---------- ---------- ---------- ---------- -------------
Total
Commercial +29.3% +32.1% +25.1% +0.4% +25.9%
--------------- ---------- ---------- ---------- ---------- -------------
Total Company +7.4% +3.2% -0.7% -8.4% +1.7%
--------------- ---------- ---------- ---------- ---------- -------------
Note:-
--------------- ---------- ---------- ---------- ---------- -------------
Total Company
excl Private
label +9.0% +3.5% -0.7% -8.5% +2.2%
--------------- ---------- ---------- ---------- ---------- -------------
Q1 Q2 Q3 Q4
Like for like 14 weeks 14 weeks 16 weeks 8 weeks
sales growth to to to to Full Year
% 02-10-10 08-01-11 30-04-11 25-06-11 to 25-06-11
--------------- ---------- ---------- ---------- ---------- -------------
Own stores -4.1% -5.9% -12.6% -10.6% -7.9%
--------------- ---------- ---------- ---------- ---------- -------------
Q1 Q2 Q3 Q4
14 weeks 14 weeks 16 weeks 8 weeks
to to to to Full Year
Sales GBPm 02-10-10 08-01-11 30-04-11 25-06-11 to 25-06-11
--------------- ---------- ---------- ---------- ---------- -------------
Own Stores 26.0 48.1 31.4 12.8 118.3
--------------- ---------- ---------- ---------- ---------- -------------
Franchise
Stores 2.8 5.0 2.7 1.1 11.6
--------------- ---------- ---------- ---------- ---------- -------------
Thorntons
Direct 1.3 5.1 2.4 0.8 9.6
--------------- ---------- ---------- ---------- ---------- -------------
Total Retail 30.1 58.2 36.5 14.7 139.5
--------------- ---------- ---------- ---------- ---------- -------------
Commercial
Channel 19.8 24.6 27.3 5.7 77.4
--------------- ---------- ---------- ---------- ---------- -------------
Private label 0.4 0.4 0.4 0.2 1.4
--------------- ---------- ---------- ---------- ---------- -------------
Total
Commercial 20.2 25.0 27.7 5.9 78.8
--------------- ---------- ---------- ---------- ---------- -------------
Total Company 50.3 83.2 64.2 20.6 218.3
--------------- ---------- ---------- ---------- ---------- -------------
Note:-
--------------- ---------- ---------- ---------- ---------- -------------
Total Company
excl Private
label 49.9 82.8 63.8 20.4 216.9
--------------- ---------- ---------- ---------- ---------- -------------
Stores as Stores as
Portfolio at 30-04-11 New stores Resites Closures at 25-06-11
------------ ------------- ----------- -------- --------- -------------
Own stores 369 - - -5 364
------------ ------------- ----------- -------- --------- -------------
Franchise
stores 226 5 2 -6 227
------------ ------------- ----------- -------- --------- -------------
Total 595 5 2 -11 591
------------ ------------- ----------- -------- --------- -------------
END
For further information please contact:
Cardew Group T: 020 7930 0777
Nadja Vetter / Emma Crawshaw
This information is provided by RNS
The company news service from the London Stock Exchange
END
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