Thorntons PLC Trading Statement (3240O)
October 10 2012 - 1:00AM
UK Regulatory
TIDMTHT
RNS Number : 3240O
Thorntons PLC
10 October 2012
10 OCTOBER 2012
THORNTONS PLC
("Thorntons" or "the Company")
FIRST QUARTER TRADING UPDATE
& INTERIM MANAGEMENT STATEMENT
Thorntons PLC today reports its first quarter trading update for
the fourteen weeks up to and including 6 October 2012.
Key points:
-- Trading for the period was in line with management expectations.
-- Total sales declined by 1.0% to GBP46.0 million, primarily
due to the effect of the planned 36 Own Store closures in the
previous financial year.
-- Commercial sales grew by 9.8% to GBP21.2 million. The order
book for Christmas trading remains strong and in line with previous
expectations.
-- Overall sales in Own Stores declined by 7.0% to GBP21.7
million largely reflecting the store closures. Ten further stores
were closed during the period. Own Store like for like sales
declined by 1.7%.
-- Franchise sales declined to GBP2.0 million as expected
following the loss of sales resulting from the administration of
our major franchisee partner in May 2012.
-- Thorntons Direct sales decreased by GBP0.1m to GBP1.1 million
ahead of the launch of our new website.
Jonathan Hart, Thorntons' Chief Executive, commented:
"Consumer spending and the wider economy remain weak and
difficult to predict. We are therefore cautious in our outlook for
the peak trading season ahead and have set our plans
accordingly.
"We continue to have confidence in our strategy to rebalance our
business, revitalise our brand and restore profitability and are
making good progress in its implemention. In our retail business
our plans are stronger than last year, with innovative new products
and dynamic promotions, and in the Commercial channel we remain
encouraged by our strong order book.
"We continue to focus on improving profitability and are pleased
that the margin improvements seen earlier in 2012 are continuing to
flow through."
For further information please contact:
Cardew Group T: 020 7930 0777
Nadja Vetter / Emma Crawshaw
Sales growth %
Q1 Q1
14 weeks 14 weeks
to to
06-10-12 01-10-11
--------------------- ----------- -----------
Own Stores -7.0% -10.1%
--------------------- ----------- -----------
Franchise Stores -23.8% -6.4%
--------------------- ----------- -----------
Thorntons Direct -8.5% -8.1%
--------------------- ----------- -----------
Total Retail -8.6% -9.7%
--------------------- ----------- -----------
Commercial Channel +4.9% -4.9%
--------------------- ----------- -----------
Private label +222.3% +15.7%
--------------------- ----------- -----------
Total Commercial +9.8% -4.5%
--------------------- ----------- -----------
Total Company -1.0% -7.6%
--------------------- ----------- -----------
Note:-
--------------------- ----------- -----------
Total Company
excl Private label -3.1% -7.8%
--------------------- ----------- -----------
Like for like
sales growth %
Q1 Q1
14 weeks 14 weeks
to to
06-10-12 01-10-11
----------------- ----------- -----------
Own stores -1.7% -7.8%
----------------- ----------- -----------
Sales GBPm
Q1 Q1
14 weeks 14 weeks
to to
06-10-12 01-10-11
--------------------- ----------- -----------
Own Stores 21.7 23.4
--------------------- ----------- -----------
Franchise Stores 2.0 2.6
--------------------- ----------- -----------
Thorntons Direct 1.1 1.2
--------------------- ----------- -----------
Total Retail 24.8 27.2
--------------------- ----------- -----------
Commercial Channel 19.8 18.9
--------------------- ----------- -----------
Private label 1.4 0.4
--------------------- ----------- -----------
Total Commercial 21.2 19.3
--------------------- ----------- -----------
Total Company 46.0 46.5
--------------------- ----------- -----------
Note:-
--------------------- ----------- -----------
Total Company
excl Private label 44.6 46.1
--------------------- ----------- -----------
Portfolio Stores as New stores Resites Closures Stores as
at at 06-10-12
30-06-12
------------ ---------- ----------- -------- --------- -------------
Own stores 330 - - -10 320
------------ ---------- ----------- -------- --------- -------------
Franchise
stores 177 6 - -1 182
------------ ---------- ----------- -------- --------- -------------
Total 507 6 - -11 502
------------ ---------- ----------- -------- --------- -------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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