Trading Statement
April 20 2010 - 2:00AM
UK Regulatory
TIDMTHT
RNS Number : 4357K
Thorntons PLC
20 April 2010
FOR IMMEDIATE RELEASE
20 APRIL 2010
Thorntons PLC
Trading Update and Interim Management Statement
Thorntons PLC ('Thorntons' or 'the Company') today reported its third quarter
trading update for the 14 weeks up to and including 17 April 2010. Overall,
Group sales since January were up 3.1% to GBP60.3 million, while Own Store sales
declined by 4.9%. Sales of Thorntons branded products grew by 5.9%. In an
economic environment where consumers remain focused on value, the Board is
taking a cautious view on the outlook for the remainder of the year and now
expects profit before tax and exceptional items will be approximately GBP7.5
million (2009: GBP6.3 million).
Key points
· Own Store sales declined by 4.9% to GBP33.5 million and like for like
sales declined by 4.6%. The unusually severe weather conditions in the period
and sales switching from our Own Stores to the Commercial Channel, particularly
with boxed chocolates, proved challenging. While like for like sales in the run
up to Easter were positive, Easter trading overall was below plan.
· Sales in the Commercial Channel continued to perform strongly with sales
growth of 33.9% to GBP20.8 million. The launch of Melts into supermarkets and a
successful Easter campaign helped contribute to the result.
· Franchise sales declined by 20.6% to GBP3.1 million. Whilst three stores
were opened during the period, the total number remained at 222 compared to 254
at the same time last year prior to Birthdays going into administration.
Franchise like for like sales experienced a similar trend to Own Stores.
· Thorntons Direct made good progress and grew by 32.4% to GBP2.5 million.
Both the consumer and corporate business made a positive contribution. The
personalisation of products with iced messages or photographs on chocolate boxes
proved popular.
For further information please contact:
Cardew Group
Anthony Cardew / Nadja Vetter / Emma Consett
T: 020 7930 0777
+----------------+----------+----------+----------+----------+
| Sales growth % | Q1 | Q2 | Q3 | |
| |14 weeks |14 weeks |14 weeks | |
| | to | to | to | Year to |
| |03-10-09 |09-01-10 |17-04-10 | Date |
| | | | | |
+----------------+----------+----------+----------+----------+
| Own Stores | +1.9% | -4.5% | -4.9% | -3.1% |
+----------------+----------+----------+----------+----------+
| Franchise | -15.2% | -18.1% | -20.6% | -18.1% |
| Stores | | | | |
+----------------+----------+----------+----------+----------+
| Thorntons | +2.4% | +10.9% | +32.4% | +15.2% |
| Direct | | | | |
+----------------+----------+----------+----------+----------+
| Total Retail | +0.0% | -4.9% | -4.7% | -3.7% |
+----------------+----------+----------+----------+----------+
| Commercial | +40.4% | +42.6% | +33.9% | +38.5% |
| Channel | | | | |
+----------------+----------+----------+----------+----------+
| Private label | -75.3% | -87.7% | -79.5% | -81.6% |
+----------------+----------+----------+----------+----------+
| Total | +7.2% | +6.5% | +21.6% | +12.0% |
| Commercial | | | | |
+----------------+----------+----------+----------+----------+
| Total Company | +2.3% | -2.4% | +3.1% | +0.5% |
+----------------+----------+----------+----------+----------+
| Note:- | | | | |
+----------------+----------+----------+----------+----------+
| Total Company | +10.1% | +3.0% | +5.9% | +5.6% |
| excl Private | | | | |
| label | | | | |
+----------------+----------+----------+----------+----------+
+----------------+----------+----------+----------+----------+
| Like for like | Q1 | Q2 | Q3 | |
| sales growth % |14 weeks |14 weeks |14 weeks | |
| | to | to | to | Year to |
| |03-10-09 |09-01-10 |17-04-10 | Date |
| | | | | |
+----------------+----------+----------+----------+----------+
| Own stores | +1.3% | -4.4% | -4.6% | -3.2% |
+----------------+----------+----------+----------+----------+
+----------------+----------+----------+----------+----------+
| Sales GBPm | Q1 | Q2 | Q3 | |
| |14 weeks |14 weeks |14 weeks | |
| | to | to | to | Year to |
| |03-10-09 |09-01-10 |17-04-10 | Date |
| | | | | |
+----------------+----------+----------+----------+----------+
| Own Stores | 27.1 | 51.7 | 33.5 | 112.3 |
+----------------+----------+----------+----------+----------+
| Franchise | 3.0 | 5.3 | 3.1 | 11.4 |
| Stores | | | | |
+----------------+----------+----------+----------+----------+
| Thorntons | 1.1 | 4.7 | 2.5 | 8.3 |
| Direct | | | | |
+----------------+----------+----------+----------+----------+
| Total Retail | 31.2 | 61.7 | 39.1 | 132.0 |
+----------------+----------+----------+----------+----------+
| Commercial | 14.6 | 18.4 | 20.8 | 53.8 |
| Channel | | | | |
+----------------+----------+----------+----------+----------+
| Private label | 1.0 | 0.6 | 0.4 | 2.0 |
+----------------+----------+----------+----------+----------+
| Total | 15.6 | 19.0 | 21.2 | 55.8 |
| Commercial | | | | |
+----------------+----------+----------+----------+----------+
| Total Company | 46.8 | 80.7 | 60.3 | 187.8 |
+----------------+----------+----------+----------+----------+
| Note:- | | | | |
+----------------+----------+----------+----------+----------+
| Total Company | 45.8 | 80.1 | 59.9 | 185.8 |
| excl Private | | | | |
| label | | | | |
+----------------+----------+----------+----------+----------+
+----------------+----------+--------+---------+----------+----------+
| Portfolio | | New | |Closures | |
| | Stores |stores |Resites | | Stores |
| | as at | | | | as |
| |09-01-10 | | | | at |
| | | | | |17-04-10 |
+----------------+----------+--------+---------+----------+----------+
| Own Stores | 378 | - | - | -1 | 377 |
+----------------+----------+--------+---------+----------+----------+
| Franchise | 222 | 3 | - | -3 | 222 |
| Stores | | | | | |
+----------------+----------+--------+---------+----------+----------+
| Total | 600 | 3 | - | -4 | 599 |
+----------------+----------+--------+---------+----------+----------+
Ends
This information is provided by RNS
The company news service from the London Stock Exchange
END
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