RNS Number : 4357K
Thorntons PLC
20 April 2010
 



 

 

 

 

FOR IMMEDIATE RELEASE                                                                                    20 APRIL 2010

 

Thorntons PLC

 

 

Trading Update and Interim Management Statement

 

 

Thorntons PLC ('Thorntons' or 'the Company') today reported its third quarter trading update for the 14 weeks up to and including 17 April 2010. Overall, Group sales since January were up 3.1% to £60.3 million, while Own Store sales declined by 4.9%. Sales of Thorntons branded products grew by 5.9%. In an economic environment where consumers remain focused on value, the Board is taking a cautious view on the outlook for the remainder of the year and now expects profit before tax and exceptional items will be approximately £7.5 million (2009: £6.3 million).

 

Key points

 

·     Own Store sales declined by 4.9% to £33.5 million and like for like sales declined by 4.6%. The unusually severe weather conditions in the period and sales switching from our Own Stores to the Commercial Channel, particularly with boxed chocolates, proved challenging. While like for like sales in the run up to Easter were positive, Easter trading overall was below plan.

 

·     Sales in the Commercial Channel continued to perform strongly with sales growth of 33.9% to £20.8 million. The launch of Melts into supermarkets and a successful Easter campaign helped contribute to the result.

 

·     Franchise sales declined by 20.6% to £3.1 million. Whilst three stores were opened during the period, the total number remained at 222 compared to 254 at the same time last year prior to Birthdays going into administration. Franchise like for like sales experienced a similar trend to Own Stores.

 

·     Thorntons Direct made good progress and grew by 32.4% to £2.5 million. Both the consumer and corporate business made a positive contribution. The personalisation of products with iced messages or photographs on chocolate boxes proved popular.

 

 



For further information please contact:

 

Cardew Group

Anthony Cardew / Nadja Vetter / Emma Consett                                           T: 020 7930 0777

 

 

 

 

 

 

 

 

 

 

 

Sales growth %

Q1

14 weeks to

03-10-09

Q2

14 weeks to

09-01-10

 

Q3

14 weeks to

17-04-10

 

 

 

Year to Date

 

Own Stores

+1.9%

-4.5%

-4.9%

-3.1%

Franchise Stores

-15.2%

-18.1%

-20.6%

-18.1%

Thorntons Direct

+2.4%

+10.9%

+32.4%

+15.2%

Total Retail

+0.0%

-4.9%

-4.7%

-3.7%

Commercial Channel

+40.4%

+42.6%

+33.9%

+38.5%

Private label

-75.3%

-87.7%

-79.5%

-81.6%

Total Commercial

+7.2%

+6.5%

+21.6%

+12.0%

Total Company

+2.3%

-2.4%

+3.1%

+0.5%

Note:-





Total Company excl Private label

+10.1%

+3.0%

+5.9%

+5.6%

 

Like for like sales growth %

Q1

14 weeks to

03-10-09

Q2

14 weeks to

09-01-10

 

Q3

14 weeks to

17-04-10

 

 

 

Year to Date

 

Own stores

+1.3%

-4.4%

-4.6%

-3.2%

 

Sales £m

Q1

14 weeks to

03-10-09

Q2

14 weeks to

09-01-10

 

Q3

14 weeks to

17-04-10

 

 

 

Year to Date

 

Own Stores

27.1

51.7

33.5

112.3

Franchise Stores

3.0

5.3

3.1

11.4

Thorntons Direct

1.1

4.7

2.5

8.3

Total Retail

31.2

61.7

39.1

132.0

Commercial Channel

14.6

18.4

20.8

53.8

Private label

1.0

0.6

0.4

2.0

Total Commercial

15.6

19.0

21.2

55.8

Total Company

46.8

80.7

60.3

187.8

Note:-





Total Company excl Private label

45.8

80.1

59.9

185.8

 

Portfolio

 

Stores as at

09-01-10

New stores

 

Resites

Closures

 

Stores as

at 17-04-10

Own Stores

378

-

-

-1

377

Franchise Stores

222

3

-

-3

222

Total

600

3

-

-4

599

 

Ends

 

 


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