Trading Update and Directorate Change
May 25 2010 - 10:05AM
UK Regulatory
TIDMTHT
RNS Number : 5218M
Thorntons PLC
25 May 2010
FOR IMMEDIATE RELEASE
25 MAY 2010
THORNTONS PLC
("Thorntons" or "the Company")
Board Change and trading update
Thorntons announces that Mike Davies has informed the Board of his decision to
retire as Chief Executive. In the light of new challenges, principally the
management of Thorntons' retail estate, Mr. Davies has decided that a Chief
Executive with specific retail expertise is required to lead the business.
Mr. Davies will remain in place until a suitable candidate has been identified.
A search for his successor has been initiated.
In the last four years, Mr. Davies led Thorntons' restructuring and
significantly improved its manufacturing operations, the product range and the
performance of its Commercial Channel. During this period, Thorntons increased
its branded market share and grew sales year on year.
Until a new appointment has been made, John von Spreckelsen will act as
Executive Chairman.
Since the last trading update issued on 20 April 2010 the Company has continued
to experience a tough trading environment in Own Stores together with a
temporary decline in Commercial channel sales. Own stores sales have continued
to experience like for like sales declines together with higher than anticipated
discount costs on clearing excess stocks. Commercial sales were also lower than
expected during the end of April and early May but have since recovered to
previously forecast levels.
The Board has therefore revised its outlook for the remainder of the year and
now expects profit before tax and exceptional items and impairment charges to be
lower than previously indicated.
A full trading update will be issued on July 14 2010.
End
For further information please contact:
Cardew Group
Anthony Cardew
T: 020 7930 0777
M: 07770 720 389
This information is provided by RNS
The company news service from the London Stock Exchange
END
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