Thorntons PLC Trading Statement (2629J)
15 July 2013 - 4:00PM
UK Regulatory
TIDMTHT
RNS Number : 2629J
Thorntons PLC
15 July 2013
THORNTONS PLC
("Thorntons" or "the Company")
FOURTH QUARTER TRADING UPDATE
Thorntons today reports its fourth quarter trading update for
the ten weeks up to and including 29 June 2013, which demonstrates
further progress in transforming the business. As this quarter is a
ten week period (last year nine weeks), the figures for 2012 have
been adjusted to allow comparison.
-- Total sales - Increase of 5.6% to GBP26.8 million.
-- Commercial (FMCG) Division- Continued strong growth in the
Commercial division which will become Thorntons' largest division
by the end of the current financial year in line with the strategy
to rebalance the business. The prospects for the International
channel continue to be encouraging, although currently still a
small proportion of overall sales.
- UK Commercial sales grew by 11.8% to GBP9.2 million.
- International sales more than doubled to GBP0.9 million.
- Private label sales increased to GBP0.7 million.
-- Retail Division - Showed good progress towards the objective
of creating a sustainable retail estate of 180-200 stores. The
period saw positive like-for-like sales in Own Stores, a trend also
reflected in the Franchise channel.
- Own Store like-for-like sales increased by 0.5%. Overall sales
in Own Stores declined 3.8% to GBP13.9 million as a result of the
34 store closures during the year, in line with the Company's
strategy.
- Franchise sales improved by GBP0.2 million to GBP1.3 million.
- Thorntons Direct sales decreased by GBP0.1 million to GBP0.8 million.
-- As announced on 2 July 2013 we anticipate profit before tax,
impairment and onerous lease charges for the full year to be ahead
of current market expectations.*
* Current market consensus is GBP4.6m
Jonathan Hart, Thorntons' Chief Executive, commented:
"I'm pleased to report further encouraging progress during the
final quarter of our financial year. Despite being our smallest
sales quarter we have continued to demonstrate the positive impact
of our strategy and the strength of our brand.
"Our UK Commercial sales growth and market share remain strong
and our Own Stores have now delivered positive like-for-like growth
across the whole of the second half of this year. We are on track
with our store closure programme and have refurbished seven stores
to our new format in the period under review.
"The trading environment continues to be challenging. The
actions we have taken are delivering positive results reflected by
the progressive recovery in our profitability over the past 18
months."
For further enquiries please contact:
Nadja Vetter / Georgina Hall, Cardew Group T: 020 7930 0777
Sales GBPm
Q1 Q2 Q3 Q4 Full Year
to 29-06-13*
14 weeks 14 weeks 14 weeks 10 weeks
to to to to
06-10-12 12-01-13 20-04-13 29-06-13
------------------ ----------- ----------- ----------- ---------- ---------------
Total Company 46.0 87.7 60.6 26.8 221.1
------------------ ----------- ----------- ----------- ---------- ---------------
Total Commercial 21.2 39.0 30.2 10.8 101.2
------------------ ----------- ----------- ----------- ---------- ---------------
Total Retail 24.8 48.7 30.4 16.0 119.9
------------------ ----------- ----------- ----------- ---------- ---------------
Sales growth %
Q1 Q2 Q3 Q4 Full Year
to 29-06-13*
14 weeks 14 weeks 14 weeks 10 weeks
to to to to
06-10-12 12-01-13 20-04-13 29-06-13
------------------ ----------- ----------- ----------- ---------- ---------------
Total Company -1.0% +5.0% +4.0% +5.6% +3.5%
------------------ ----------- ----------- ----------- ---------- ---------------
Total Commercial +9.8% +34.6% +15.9% +21.1% +21.5%
------------------ ----------- ----------- ----------- ---------- ---------------
Total Retail -8.6% -10.7% -5.6% -2.8% -8.0%
------------------ ----------- ----------- ----------- ---------- ---------------
Retail LFL -1.7% -1.3% +0.2% +0.5% -0.8%
------------------ ----------- ----------- ----------- ---------- ---------------
Sales GBPm
Q1 Q2 Q3 Q4 Full Year
to 29-06-13*
14 weeks 14 weeks 14 weeks 10 weeks
to to to to
06-10-12 12-01-13 20-04-13 29-06-13
----------------- ---------- ----------- ----------- ---------- ---------------
UK Commercial 17.8 34.4 27.4 9.2 88.8
----------------- ---------- ----------- ----------- ---------- ---------------
International 2.0 2.1 1.1 0.9 6.1
----------------- ---------- ----------- ----------- ---------- ---------------
Private Label 1.4 2.5 1.7 0.7 6.3
----------------- ---------- ----------- ----------- ---------- -------------------
Total Commercial 21.2 39.0 30.2 10.8 101.2
----------------- ---------- ----------- ----------- ---------- ---------------
Own Stores 21.7 40.9 26.0 13.9 102.5
----------------- ---------- ----------- ----------- ---------- ---------------
Franchise Stores 2.0 3.0 2.2 1.3 8.5
----------------- ---------- ----------- ----------- ---------- ---------------
Thorntons Direct 1.1 4.8 2.2 0.8 8.9
----------------- ---------- ----------- ----------- ---------- ---------------
Total Retail 24.8 48.7 30.4 16.0 119.9
----------------- ---------- ----------- ----------- ---------- ---------------
Total Company 46.0 87.7 60.6 26.8 221.1
----------------- ---------- ----------- ----------- ---------- ---------------
Sales growth %
Q1 Q2 Q3 Q4 Full Year
to 29-06-13*
14 weeks 14 weeks 14 weeks 10 weeks
to to to to
06-10-12 12-01-13 20-04-13 29-06-13
----------------- ---------- ---------- ---------- ---------- ---------------
UK Commercial +1.9% +25.2% +10.0% +11.8% +13.7%
----------------- ---------- ---------- ---------- ---------- ---------------
International +42.4% +72.5% +30.8% +103.5% +56.0%
----------------- ---------- ---------- ---------- ---------- ---------------
Private Label +222.3% +698.7% +416.1% +210.7% +385.0%
----------------- ---------- ---------- ---------- ---------- ---------------
Total Commercial +9.8% +34.6% +15.9% +21.1% +21.5%
----------------- ---------- ---------- ---------- ---------- ---------------
Own Stores -7.0% -9.0% -4.1% -3.8% -6.7%
----------------- ---------- ---------- ---------- ---------- ---------------
Franchise Stores -23.8% -26.6% -20.9% +18.0% -19.9%
----------------- ---------- ---------- ---------- ---------- ---------------
Thorntons Direct -8.5% -13.3% -4.6% -11.1% -10.4%
----------------- ---------- ---------- ---------- ---------- ---------------
Total Retail -8.6% -10.7% -5.6% -2.8% -8.0%
----------------- ---------- ---------- ---------- ---------- ---------------
Total Company -1.0% +5.0% +4.0% +5.6% +3.5%
----------------- ---------- ---------- ---------- ---------- ---------------
* The tables above reflect a 52 week trading period. Last year
was a 53 week period, against this comparison the total annual
sales growth was c1.8%.
Portfolio Stores as New stores Resites Closures Stores as
at 20-04-13 at 29-06-13
------------------ ------------- ----------- -------- --------- -------------
Own stores 309 -13 296
------------------ ------------- ----------- -------- --------- -------------
Franchise stores 187 2 1 -4 186
------------------ ------------- ----------- -------- --------- -------------
Total 496 2 1 -17 482
------------------ ------------- ----------- -------- --------- -------------
This document contains certain forward-looking statements
regarding our intentions, beliefs or current expectations and those
of our officers, Directors and employees concerning, amongst other
things, our results of operations, financial condition, liquidity,
prospects, growth, strategies and the business we operate. By their
nature, these statements involve uncertainty since future events
and circumstances can cause results and developments to differ
materially from those anticipated. The forward-looking statements
reflect knowledge and information available at the date of
preparation of this document and, unless otherwise required by
applicable law, the Company undertakes no obligation to update or
revise these forward-looking statements. Nothing in this document
should be construed as a profit forecast. The Company and its
Directors accept no liability to third parties in respect of this
document save as would arise under English law.
Ends
This information is provided by RNS
The company news service from the London Stock Exchange
END
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