Thorntons PLC Trading Statement (6276V)
January 16 2013 - 2:00AM
UK Regulatory
TIDMTHT
RNS Number : 6276V
Thorntons PLC
16 January 2013
THORNTONS PLC
("Thorntons" or "the Company")
SECOND QUARTER TRADING UPDATE
Thorntons PLC today reports its second quarter trading update
for the 14 weeks up to and including 12th January 2013.
Key points
-- Total sales for the 14 weeks increased by GBP4.5 million to
GBP88.0 million, an improvement of 5.4% compared with the same
period last year.
-- Thorntons branded Commercial sales grew strongly by 26.4% to
GBP34.7 million. Thorntons' share of the Total Boxed Chocolate
market increased from 11.7% to 12.1% and its share of the Inlaid
Boxed Chocolate market increased from 33.5% to 35.0%.*
-- In Own Stores like for like sales declined by 1.3%. A further
three stores were closed in the quarter, in line with the strategy,
resulting in 27 fewer stores than a year ago. This was the major
contributor to the sales decrease of 9.0% to GBP40.9 million in Own
Stores.
-- Franchise sales declined by GBP1.1 million to GBP3.0 million
as expected, mainly reflecting the placing into administration of
our major franchisee in May 2012.
-- Thorntons Direct sales decreased by GBP0.7 million to GBP4.8
million as the late deployment of the new website combined with
operational issues had a significant impact on sales in the
period.
-- Private label sales substantially increased to GBP2.5 million.
-- International sales grew by 69.0% to GBP2.1 million
reflecting a positive first response to our strategic initiatives
over the past year in this area.
* Nielsen MAT (Moving Annual Total) to week ended 29/12/12
Jonathan Hart, Thorntons' Chief Executive, commented:
"We are pleased with the overall progress made during this key
trading period. These results demonstrate the effectiveness of our
multi-channel distribution model and our strategy to rebalance our
routes to market and revitalise the business as a whole. We have
grown market share and demonstrated the continued strength of the
Thorntons brand despite a challenging economy and a weak
confectionery market.
"We enter the second half of our financial year with profits in
line with our expectations and ahead of last year. Our seasonal
lines have sold through well, resulting in stock levels lower than
anticipated and below last year at the period end. Our important
spring seasons, in particular Easter, lie ahead of us and will be
key to the outcome of the full year. We have strong trading plans
for spring and an encouraging Commercial order book. We are
confident in our strategy and the actions we are taking but remain
cautious given the continuing challenge of the economic
climate."
Sales growth %
Q1 Q2 H1 H1
14 weeks 14 weeks 28 weeks 28 weeks
to to to to
06-10-12 12-01-13 12-01-13 07-01-12
------------------ ----------- ----------- ----------- -----------
Total Company -1.0% +5.4% +3.1% -2.6%
------------------ ----------- ----------- ----------- -----------
Total Commercial +9.8% +35.6% +25.3% +6.9%
------------------ ----------- ----------- ----------- -----------
Own Stores LFL -1.7% -1.3% -1.5% -5.5%
------------------ ----------- ----------- ----------- -----------
Sales growth %
Q1 Q2 H1 H1
14 weeks 14 weeks 28 weeks 28 weeks
to to to to
06-10-12 12-01-13 12-01-13 07-01-12
----------------- ---------- ---------- ---------- -----------
Own Stores -7.0% -9.0% -8.3% -7.9%
----------------- ---------- ---------- ---------- -----------
Franchise Stores -23.8% -27.0% -25.8% -13.4%
----------------- ---------- ---------- ---------- -----------
Thorntons Direct -8.5% -13.0% -12.1% +4.6%
----------------- ---------- ---------- ---------- -----------
Total Retail -8.6% -10.8% -10.1% -7.5%
----------------- ---------- ---------- ---------- -----------
UK Commercial +1.9% +26.4% +16.9% +6.5%
----------------- ---------- ---------- ---------- -----------
International +42.4% +69.0% +55.0% +18.5%
----------------- ---------- ---------- ---------- -----------
Private Label +222.3% +703.5% +424.8% -2.5%
----------------- ---------- ---------- ---------- -----------
Total Commercial +9.8% +35.6% +25.3% +6.9%
----------------- ---------- ---------- ---------- -----------
Total Company -1.0% +5.4% +3.1% -2.6%
----------------- ---------- ---------- ---------- -----------
Sales GBPm
Q1 Q2 H1 H1
14 weeks 14 weeks 28 weeks 28 weeks
to to to to
06-10-12 12-01-13 12-01-13 07-01-12
----------------- ---------- ----------- ----------- -----------
Own Stores 21.7 40.9 62.6 68.3
----------------- ---------- ----------- ----------- -----------
Franchise Stores 2.0 3.0 5.0 6.7
----------------- ---------- ----------- ----------- -----------
Thorntons Direct 1.1 4.8 5.9 6.7
----------------- ---------- ----------- ----------- -----------
Total Retail 24.8 48.7 73.5 81.7
----------------- ---------- ----------- ----------- -----------
UK Commercial 17.8 34.7 52.5 44.9
----------------- ---------- ----------- ----------- -----------
International 2.0 2.1 4.1 2.6
----------------- ---------- ----------- ----------- -----------
Private Label 1.4 2.5 3.9 0.8
----------------- ---------- ----------- ----------- ---------------
Total Commercial 21.2 39.3 60.5 48.3
----------------- ---------- ----------- ----------- -----------
Total Company 46.0 88.0 134.0 130.0
----------------- ---------- ----------- ----------- -----------
Portfolio Stores New stores Resites Closures Stores
as as
at 06-10-12 at 12-01-13
------------------ ------------- ----------- -------- --------- -------------
Own stores 320 -3 317
------------------ ------------- ----------- -------- --------- -------------
Franchise stores 182 10 -3 189
------------------ ------------- ----------- -------- --------- -------------
Total 502 10 0 -6 506
------------------ ------------- ----------- -------- --------- -------------
ENDS
For further information please contact:
Cardew Group T: 020 7930 0777
Nadja Vetter / Georgina Hall
This information is provided by RNS
The company news service from the London Stock Exchange
END
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