Thorntons PLC Trading Statement (3764H)
July 11 2012 - 2:00AM
UK Regulatory
TIDMTHT
RNS Number : 3764H
Thorntons PLC
11 July 2012
THORNTONS PLC
("Thorntons" or "the Company")
FOURTH QUARTER TRADING UPDATE
Thorntons PLC today reports its fourth quarter trading update
for the nine weeks up to and including 30 June 2012, which is in
line with management expectations. The comparative numbers for the
fourth quarter in 2011 are restated on a nine week basis to allow
like for like comparison as that period only had eight weeks.
Key points:
-- Total sales for the nine weeks increased by GBP1.8 million to
GBP24.7 million, an improvement of 7.8%.
-- Commercial sales grew by GBP2.9m to GBP9.3 million, due to
the introduction of this summer's 'Best of British' range and some
differences in the timing of deliveries to our Commercial
customers.
-- Own Store like for like sales increased by 0.7%. Overall
sales in Own Stores declined GBP0.7m to GBP13.7 million as a result
of the 36 store closures during the year, in line with the
Company's strategy.
-- Franchise sales declined to GBP0.9 million. Sales were
adversely affected by the administration of Clinton Cards Plc.
Thorntons had franchises in 30 Birthdays stores and 16 Clinton
Cards stores.
-- Thorntons Direct sales were broadly flat at GBP0.8 million.
-- We anticipate profit before tax, impairment and onerous lease
charges for the full year to be in line with our expectations.
Jonathan Hart, Thorntons' Chief Executive, commented:
"Although we are encouraged by this performance, this nine week
period contributes less than 12% to our annual sales and we
continue to remain cautious about the outlook for the coming year.
Trading initiatives in our Own Stores, implemented since our
strategic review, combined with new product launches have led to
some improvement in underlying sales. Within the Commercial channel
sales have been supported by the incremental benefit of this
summer's 'Best of British'range and timing of deliveries to our
customers.
"We remain committed to our strategy of rebalancing our
business, revitalising our brand and restoring profitability and I
am pleased to see that the actions we have taken are starting to
deliver improvements in a difficult trading environment."
For further information please contact:
Cardew Group T: 020 7930 0777
Nadja Vetter / Emma Crawshaw
Sales growth
%
Q1 Q2 Q3 Q4 Full Year
53 weeks
to
14 weeks 14 weeks 16 weeks 9 weeks 30-06-12
to to to to
01-10-11 07-01-12 28-04-12 30-06-12
----------------- --------- --------- --------- --------- ---------
Own Stores -10.1% -6.8% -6.1% -4.7% -7.1%
----------------- --------- --------- --------- --------- ---------
Franchise Stores -6.4% -17.3% +12.6% -24.0% -8.6%
----------------- --------- --------- --------- --------- ---------
Thorntons Direct -8.1% +8.0% +2.2% -1.3% +3.5%
----------------- --------- --------- --------- --------- ---------
Total Retail -9.7% -6.4% -4.1% -6.0% -6.5%
----------------- --------- --------- --------- --------- ---------
Commercial
Channel -4.9% +16.7% -0.8% +45.4% +7.4%
----------------- --------- --------- --------- --------- ---------
Private label +15.7% -19.8% -9.8% -22.7% -8.3%
----------------- --------- --------- --------- --------- ---------
Total Commercial -4.5% +16.1% -0.9% +42.6% +7.1%
----------------- --------- --------- --------- --------- ---------
Total Company -7.6% +0.4% -2.7% +7.8% -1.6%
----------------- --------- --------- --------- --------- ---------
Note:-
----------------- --------- --------- --------- --------- ---------
Total Company
excl Private
label -7.8% +0.5% -2.7% +8.1% -1.5%
----------------- --------- --------- --------- --------- ---------
Like for like Q1 Q2
sales growth
%
14 weeks 14 weeks Q3 Q4 Full Year
to to 53 weeks
to
01-10-11 07-01-12 16 weeks 9 weeks 30-06-12
to to
28-04-12 30-06-12
-------------- --------- --------- --------- --------- ----------
Own stores -7.8% -4.2% -1.6% +0.7% -3.8%
-------------- --------- --------- --------- --------- ----------
Sales GBPm
Q1 Q2 Q3 Q4 Full Year
53 weeks
to
14 weeks 14 weeks 16 weeks 9 weeks 30-06-2012
to to to to
01-10-11 07-01-12 28-04-12 30-06-12
----------------- --------- --------- --------- --------- -----------
Own Stores 23.4 44.9 29.4 13.7 111.4
----------------- --------- --------- --------- --------- -----------
Franchise
Stores 2.6 4.1 3.1 0.9 10.7
----------------- --------- --------- --------- --------- -----------
Thorntons
Direct 1.2 5.5 2.5 0.8 10.0
----------------- --------- --------- --------- --------- -----------
Total Retail 27.2 54.5 35.0 15.4 132.1
----------------- --------- --------- --------- --------- -----------
Commercial
Channel 18.9 28.7 27.0 9.1 83.7
----------------- --------- --------- --------- --------- -----------
Private label 0.4 0.3 0.4 0.2 1.3
----------------- --------- --------- --------- --------- -----------
Total Commercial 19.3 29.0 27.4 9.3 85.0
----------------- --------- --------- --------- --------- -----------
Total Company 46.5 83.5 62.4 24.7 217.1
----------------- --------- --------- --------- --------- -----------
Note:-
----------------- --------- --------- --------- --------- -----------
Total Company
excl Private
label 46.1 83.2 62.0 24.5 215.8
----------------- --------- --------- --------- --------- -----------
Portfolio Stores New stores Resites Closures Stores
as as
at 28-04-12 at 30-06-12
----------- ------------ ---------- ------- -------- ------------
Own stores 333 - +1 -4 330
----------- ------------ ---------- ------- -------- ------------
Franchise
stores 225 - +1 -49 177
----------- ------------ ---------- ------- -------- ------------
Total 558 - +2 -53 507
----------- ------------ ---------- ------- -------- ------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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