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RNS Number:4443N Thorntons PLC 11 July 2003 11 July 2003 SALES AND TRADING UPDATE 52 WEEKS ENDED 28 JUNE 2003 Thorntons PLC, the manufacturer, retailer and distributor of high quality confectionery and other sweet foods, is today reporting sales figures for the 52 weeks ended 28 June 2003. * Total company sales in the 52 weeks to 28 June 2003 were up +2.0% at #167.1m versus #163.8m in the 52 weeks ended 29 June 2002. * In line with our strategy of continuing to close poorly performing stores the number of Own Shops has reduced from 395 to 389 over the year. Within this total, the number of cafes increased from 25 to 26. The Own Shop sales performance changed noticeably as the year progressed and in total was down from #134.5m to #133.8m. Whilst overall like for like sales were up +0.9% for the year, this masks a very mixed picture. * The first half-year like for like sales were +1.6%, with a Christmas season performance of -0.9% being more than offset by almost 6% growth in the other 18 weeks. The second half started very strongly through Valentines Day and up to the last week prior to Easter. At that stage like for like sales for the second half were growing at +3.6%. From that point onwards, including the final week of Easter, like for like sales were negative resulting in an overall second half performance of -0.3%. This result is much weaker than we expected when we updated the market in May, mainly due to the exceptionally hot weather in the run up to Father's Day during the hottest June for 26 years. As a consequence, margin has also been weak during this period with additional discounting and stock reduction activity. Despite tight cost and cash management our results, when released in September, will now show a profit before tax of approximately #6.4m. Encouraging growth from all other sales channels: * Franchise sales at #12.3m grew by +8.8% and the number of outlets increased to 198 from 181 last June. * Private Label Commercial sales grew by +3.3% to #12.6m. * Thorntons Branded Commercial sales through other retailers are progressing well. Sales were #3.1m in the year, compared with #1.6m last year, an increase largely based on six products sold on an exclusive basis through Tesco until March. Since then we have gained new listings in most of the major multiples. Our discussions with other major retailers give us confidence that we can substantially increase the range and distribution of products over the coming year. . * Gift Delivery Service continues to grow with sales up +26.2% to #5.3m. * Royalty income from the licensed range of cakes, desserts and other sweet foods was #0.5m against #0.2m last year. Commenting Peter Burdon, Chief Executive said: "Since we updated the market in May, our own shop sales and margin have performed worse than expected, as the warmer than average weather we experienced at Easter has continued and affected the run up to Father's Day in particular. Whilst this is a temporary setback, given the progress we have made in the last three years, we are confident that our strategic intent to widen the distribution of our products and to continue the revitalisation of the retail proposition is correct." Preliminary Results for the full year to 28 June will be announced on Tuesday, 9th September 2003. For further information, please contact: Peter Burdon - Chief Executive, Thorntons PLC 01773 540550 Martin Allen - Finance Director, Thorntons PLC 01773 540550 Charles Ryland / Catherine Miles - Buchanan Communications 020 7466 5000 1 Full year sales analysis Full year sales Full year sales 2002/2003 2001/2002 (52 weeks) (52 weeks) #m #m Own shop sales 133.8 134.5 Franchise 12.3 11.3 Private label commercial 12.6 12.2 Thorntons branded commercial 3.1 1.6 Gift Delivery Service 5.3 4.2 ------------- ------------- TOTAL 167.1 163.8 ------------- ------------- 2 Comparison of 2002/2003 sales with the previous year 52 weeks ending 52 weeks ending 28 June 2003 29 June 2002 Own shop sales (0.5)% 2.3% Franchise 8.8% 22.6% Private label commercial 3.3% (14.4)% Thorntons branded commercial 93.8% 65.1% Gift Delivery Service 26.2% 89.4% ------------- ------------- TOTAL 2.0% 3.7% ------------- ------------- Own shops like-for-like: 1.6% 4.1% First half Second half (0.3)% 2.9% Full year 0.9% 3.6% 3 Changes in the retail estate can be summarised as follows Opening number 395 400 New shops 3 3 Resites 3 3 Closures and transfers to franchise (12) (11) ------------- ------------- Closing number 389 395 ------------- ------------- Franchise shops trading 198 181 This information is provided by RNS The company news service from the London Stock Exchange END TSTRBMLTMMJBMRJ
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