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Thorntons PLC (THT)

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Wednesday 11 July, 2012

Thorntons PLC

Trading Statement

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 £1.8 million to £24.7 million, an improvement of 7.8%. 

 

·    Commercial sales grew by £2.9m to £9.3 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 £0.7m to £13.7 million as a result of the 36 store closures during the year, in line with the Company's strategy.

 

·    Franchise sales declined to £0.9 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 £0.8 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

14 weeks to

01-10-11

 

 

Q2

14 weeks to

07-01-12

 

 

Q3

16 weeks to

28-04-12

 

 

Q4

9 weeks to

30-06-12

 

 

Full Year 53 weeks to 

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 sales growth %

Q1

14 weeks to

01-10-11

Q2

14 weeks to

07-01-12

 

Q3

16 weeks to

28-04-12

 

 

Q4

9 weeks to

30-06-12

 

 

Full Year 53      weeks to           

 30-06-12

 

Own stores

-7.8%

-4.2%

-1.6%

+0.7%

-3.8%

 

 

Sales £m

 

Q1

14 weeks to

01-10-11

 

 

Q2

14 weeks to

07-01-12

 

 

Q3

16 weeks to

28-04-12

 

 

Q4

9 weeks to

30-06-12

 

 

Full Year 53 weeks to

30-06-2012

    

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 as

at 28-04-12

New stores

Resites

Closures

Stores as

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
 
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