Thorntons PLC Q2 Trading Update (7693X)
16 January 2014 - 6:00PM
UK Regulatory
TIDMTHT
RNS Number : 7693X
Thorntons PLC
16 January 2014
16 January 2014
THORNTONS PLC
("Thorntons" or "the Company")
SECOND QUARTER TRADING UPDATE
Thorntons today reports an increase in total Company sales of
6.3% to GBP93.1 million for the 14 weeks up to and including 11
January 2014.
Q2 Change
Sales GBPm 14 Weeks to %
11/01/14
----------------- ------------- -------
FMCG Division 47.0 +17.1%
----------------- ------------- -------
Retail Division 46.1 (2.9)%
----------------- ------------- -------
Total Company 93.1 +6.3%
----------------- ------------- -------
FMCG Division
Sales increased by 17.1% to GBP47.0 million demonstrating the
continued strength of the Thorntons brand with our commercial
partners.
-- UK Commercial sales rose by 21.1% as a result of a good
Christmas performance driven by excellent sales of our seasonal
specialities, a broadening of sales across our Commercial customer
base, and early spring deliveries.
-- International sales decreased by 15.5% in the quarter
although growth for the half year remained positive at 9.2%. At
less than 2% of total Company sales, international sales remain a
small part of the business.
Retail Division
Sales declined by 2.9% to GBP46.1 million reflecting 36 store
closures compared to the same period last year, in line with our
strategy. We closed seven stores in the period which resulted in
281 Own Stores at the end of the quarter.
-- Like-for-like sales increased by 3.5%.
-- Consumer Direct sales delivered good growth, increasing by 27.0%.
-- Franchise sales declined by 3.1% in the quarter due to timing
of orders, although grew by 5.0% over the half year.
Jonathan Hart, Thorntons' Chief Executive, commented:
"Our performance over this important period demonstrates
continued good progress in the transformation of our business. We
are pleased that both our operating divisions delivered positive
results with strong sales in our FMCG division and encouraging
like-for-like growth in our Retail division. Customer response to
our new seasonal lines, in particular our Advent calendars and our
Snowman licensed range, exceeded our expectations. We also saw good
growth in our core boxed chocolate ranges, notably through our
refreshed Classics selections.
"As expected, economic conditions remain challenging for many of
our customers and the market overall was very competitive. As such
we continue to plan accordingly. These results are further positive
evidence of the actions we have taken over the past two and a half
years to rebalance our business and revitalise our great brand. We
are confident in our plans for the key spring seasons, in
particular Easter. Our current outlook for the financial year
remains in line with market expectations.**"
Divisional Sales GBPm Q1 Change Q2 Change H1 Change%*
%* %*
------------------------ ----- ------- ----- ------- ------ ---------
FMCG Division 23.8 +11.0% 47.0 +17.1% 70.8 +15.0%
------------------------ ----- ------- ----- ------- ------ ---------
Retail Division 23.2 (5.7)% 46.1 (2.9)% 69.3 (3.8)%
------------------------ ----- ------- ----- ------- ------ ---------
Total Company 47.0 +2.1% 93.1 +6.3% 140.1 +4.8%
------------------------ ----- ------- ----- ------- ------ ---------
Like-for-like (Retail) (0.4)% +3.5% +2.2%
------------------------ ----- ------- ----- ------- ------ ---------
Interim results to be announced on Monday 3rd March 2014.
For further enquiries please contact:
Nadja Vetter / Emma Crawshaw / Georgina Hall, Cardew Group. T:
020 7930 0777
* Due to divisional restructuring of Thorntons Direct, elements
of which are now integrated into the FMCG Division, the Q1 prior
year comparative figures for the Retail Division have been reduced
by GBP0.3m and Q2 by GBP1.1m, with compensating adjustments made to
the prior year FMCG figures.
** Consensus is GBP7.4m pre-exceptional PBT at 16 January 2014.
This document contains certain statements that are
forward-looking statements. They appear in a number of places
throughout this document and include 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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