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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Thorntons | LSE:THT | London | Ordinary Share | GB0008901935 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 142.875 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMTHT RNS Number : 5165F Thorntons PLC 14 January 2010 FOR IMMEDIATE RELEASE Thorntons PLC Trading Update Thorntons PLC ('Thorntons' or 'the Company') today reported its second quarter trading update for the 14 weeks up to and including 9 January 2010. Trading was satisfactory and the Company therefore expects that interim profits will be ahead of last year and in line with Board expectations. The period to 9 January 2010 was notably different to the comparative period last year which included sales to Birthdays (Franchisee) and Woolworths (Commercial customer) both of which subsequently went into administration. Furthermore, we effectively ceased the production of private label products. Excluding private label products, the Board is pleased to report that sales across all channels increased by 3.0%. This, together with significantly lower levels of discounting in the Own store retail estate, resulted in overall higher margins. Key points: * Total sales declined by 2.4% to GBP80.7m. After excluding sales of private label products, sales grew by 3.0%. * Own store sales declined by 4.5% to GBP51.7m and like-for-like sales declined by 4.4% but benefited from higher gross margins. * Franchise sales declined by 18.1% to GBP5.3m. In line with expectations, we were able to re-open 24 stores with new franchisees during the period bringing the total number of stores opened to 70 since the loss of 94 stores when Birthdays went into administration in May 2009. * Thorntons Direct sales increased by 10.9% to GBP4.7m. Consumer sales grew strongly following the launch of the new website and increased marketing activity. The corporate business returned to growth as a result of our sales efforts in the leisure and hospitality sectors. * Commercial sales increased by 6.5% to GBP19.0m. Sales of Thorntons branded products grew by 42.6% more than offsetting the decline in the less profitable private label sales. Mike Davies, Thorntons' Chief Executive, commented: "We saw a pleasing continuation of growth in Commercial sales and Thorntons Direct during this important trading period. The decline in Own store sales was disappointing although this was primarily driven by our own decision to protect profit margins through significantly reduced discounting, but we were able to sell all the Christmas stock by the end of the period." Thorntons will announce its interim results for the twenty eight weeks ended 9 January 2010 on 17 February 2010. +-------------+-----------+------------+------------+------------+ | Sales | Q1 | Q2 | H1 | H1 | | growth % | 14 weeks | 14 weeks | 28 weeks | 28 weeks | | | to | to | to | to | | | 03-10-09 | 09-01-10 | 09-01-10 | 10-01-09 | | | | | | | +-------------+-----------+------------+------------+------------+ | Own stores | +1.9% | -4.5% | -2.4% | -2.1% | +-------------+-----------+------------+------------+------------+ | Franchise | -15.2% | -18.1% | -17.1% | +3.7% | | stores | | | | | +-------------+-----------+------------+------------+------------+ | Thorntons | +2.4% | +10.9% | +9.1% | +1.2% | | Direct | | | | | +-------------+-----------+------------+------------+------------+ | Total | +0.0% | -4.9% | -3.3% | -1.4% | | Retail | | | | | +-------------+-----------+------------+------------+------------+ | Commercial | +40.4% | +42.6% | +41.6% | +18.0% | | sales | | | | | +-------------+-----------+------------+------------+------------+ | Private | -75.3% | -87.7% | -82.0% | -8.9% | | label | | | | | +-------------+-----------+------------+------------+------------+ | Total | +7.2% | +6.5% | +6.8% | +8.9% | | Commercial | | | | | +-------------+-----------+------------+------------+------------+ | Total | +2.3% | -2.4% | -0.7% | +1.0% | | Company | | | | | +-------------+-----------+------------+------------+------------+ | | | | | | +-------------+-----------+------------+------------+------------+ | Total | +10.1% | +3.0% | +5.5% | +1.9% | | Company | | | | | | excl. | | | | | | Private | | | | | | label | | | | | +-------------+-----------+------------+------------+------------+ +---------------+------------+------------+------------+------------+ | Like-for-like | Q1 | Q2 | H1 | H1 | | sales growth | 14 weeks | 14 weeks | 28 weeks | 28 weeks | | % | to | to | to | to | | | 03-10-09 | 09-01-10 | 09-01-10 | 10-01-09 | | | | | | | +---------------+------------+------------+------------+------------+ | Own stores | +1.3% | -4.4% | -2.5% | -4.2% | +---------------+------------+------------+------------+------------+ +-------------+------------+------------+------------+------------+ | Sales GBPm | Q1 | Q2 | H1 | H1 | | | 14 weeks | 14 weeks | 28 weeks | 28 weeks | | | to | to | to | to | | | 03-10-09 | 09-01-10 | 09-01-10 | 10-01-09 | | | | | | | +-------------+------------+------------+------------+------------+ | Own stores | 27.1 | 51.7 | 78.8 | 80.7 | +-------------+------------+------------+------------+------------+ | Franchise | 3.0 | 5.3 | 8.3 | 9.9 | | stores | | | | | +-------------+------------+------------+------------+------------+ | Thorntons | 1.1 | 4.7 | 5.8 | 5.4 | | Direct | | | | | +-------------+------------+------------+------------+------------+ | Total | 31.2 | 61.7 | 92.9 | 96.0 | | Retail | | | | | +-------------+------------+------------+------------+------------+ | Commercial | 14.6 | 18.4 | 33.0 | 23.3 | | sales | | | | | +-------------+------------+------------+------------+------------+ | Private | 1.0 | 0.6 | 1.6 | 9.1 | | label | | | | | +-------------+------------+------------+------------+------------+ | Total | 15.6 | 19.0 | 34.6 | 32.4 | | Commercial | | | | | +-------------+------------+------------+------------+------------+ | Total | 46.8 | 80.7 | 127.5 | 128.4 | | Company | | | | | +-------------+------------+------------+------------+------------+ | | | | | | +-------------+------------+------------+------------+------------+ | Total | 45.8 | 80.1 | 125.9 | 119.3 | | Company | | | | | | excl. | | | | | | Private | | | | | | label | | | | | +-------------+------------+------------+------------+------------+ +-------------+------------+------------+------------+------------+------------+ | Portfolio | Stores as |New stores | Resites | Closures |Stores as | | | at | | | | at | | | 03-10-09 | | | | 09-01-10 | +-------------+------------+------------+------------+------------+------------+ | Own stores | 378 | | 1 | -1 | 378 | +-------------+------------+------------+------------+------------+------------+ | Franchise | 199 | 24 | | -1 | 222 | | stores | | | | | | +-------------+------------+------------+------------+------------+------------+ | Total | 577 | 24 | 1 | -2 | 600 | +-------------+------------+------------+------------+------------+------------+ Ends For further information please contact: Cardew Group T: 020 7930 0777 Nadja Vetter / Emma Consett / Daniela Cormano This information is provided by RNS The company news service from the London Stock Exchange END TSTBJMFTMBABBJM
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