Thorntons PLC Trading Statement (8315F)
30 April 2014 - 4:01PM
UK Regulatory
TIDMTHT
RNS Number : 8315F
Thorntons PLC
30 April 2014
30(th) April 2014
THORNTONS PLC
("Thorntons" or "the Company")
THIRD QUARTER TRADING UPDATE & INTERIM MANAGEMENT
STATEMENT
Thorntons today reports on trading during its third quarter for
the 15 weeks up to and including 26 April 2014. Both operating
divisions reported good sales of Easter specialities.
Sales in the third quarter saw a reduction of 7.6% against the
same period last year due to the combined effect of early spring
deliveries in our second quarter, slower sales through February and
March in our UK Commercial channel and the cumulative effect of
planned store closures.
For the year to date, UK Commercial sales have increased by 8.6%
and the Retail division has delivered positive like-for-like growth
of 1.8%.
FMCG Division
-- UK Commercial sales declined by 8.0%. A strong Easter
performance, where sales of our seasonal specialities grew in
excess of 20%, was offset by the impact of the early spring sales
reported in the second quarter combined with slower sales in
February and March and a performance at Valentine's Day and
Mother's Day that fell below expectations.
-- International sales increased by 3.4%, accounting for just under 3% of total revenue.
Retail Division
-- Like-for-like sales increased by 1.2% driven by a consistent
performance over the key spring seasons including Easter.
-- Own store sales declined by 8.8% reflecting 38 store closures
compared to the same period last year in line with its strategy.
Ten stores closed in the period resulting in 271 Own Stores at the
end of the quarter.
-- Consumer Direct sales increased by 5.6%.
-- Franchise sales increased by 5.7%.
Jonathan Hart, Thorntons' Chief Executive, commented:
"Set against the continuing backdrop of a competitive and
challenging trading environment the key Easter season saw all our
channels delivering sales growth. Customers responded positively to
our Easter innovations and we anticipate further good growth in our
Easter market share.
"Despite this third quarter result we are satisfied with the
overall performance of the business for the year to date and we
look forward to our UK Commercial channel returning to growth in
our short final quarter. The Board remains confident that Thorntons
will perform in line with market expectations for the full year*
and we continue to be confident that our transformation is on track
and our strategy is appropriate and working."
* Consensus is GBP7.3m pre-exceptional PBT at 29th April 2014.
Sales GBPm** Q1 Change Q2 Change Q3 Change Year Change%
%* %* % to date
----------------- ----- ------- ----- ------- ----- ------- --------- --------
FMCG Division 23.8 +11.0% 46.8 +16.5% 28.5 (8.6)% 99.1 +6.8%
----------------- ----- ------- ----- ------- ----- ------- --------- --------
Retail Division 23.2 (5.7)% 46.0 (3.2)% 29.2 (6.7)% 98.4 (4.9)%
----------------- ----- ------- ----- ------- ----- ------- --------- --------
Total Company 47.0 +2.1% 92.8 +5.8% 57.7 (7.6)% 197.5 +0.7%
----------------- ----- ------- ----- ------- ----- ------- --------- --------
Like-for-like
(Retail) (0.4)% +3.5% +1.2% +1.8%
----------------- ----- ------- ----- ------- ----- ------- --------- --------
** Due to divisional restructuring of Thorntons Direct, elements
of which are now integrated into the FMCG Division, the Q1prior
year comparative figures for the Retail Division have been reduced
by GBP0.3m, Q2 by GBP1.1m and Q3 by GBP0.3m, with compensating
adjustments made to the prior year FMCG figures.
For further enquiries please contact:
Nadja Vetter / Emma Crawshaw / Georgina Hall, Cardew Group T:
020 7930 0777
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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