RNS Number : 7483F
Theo Fennell PLC
19 January 2010
19 January 2010
THEO FENNELL PLC
("Theo Fennell" or "the Group")
Christmas Trading Statement
The Company has performed well over the key Christmas sales period and has achieved like-for-like retail sales growth of 25% for the period 1 December to 24 December.
Our focus on expanding our wholesale business has shown immediate results, with sales this year more than double the prior year. The Company now has a strong wholesale base from which to expand with new partners in Moscow and other new openings expected elsewhere in the early part of 2010.
The Company's strong performance in the second half of the current financial year has resulted in the Company achieving like for like sales 9 % above the prior year for the first nine months to 31 December 2009. Sales in January to date have been impacted by the extreme weather conditions with little customer traffic in our stores and concessions. Whilst the impact of this on the overall Company results for the year ending 31 March 2010 is not significant, the Company now expects to achieve a marginal loss for the year. This will be a significantly improved performance for the year ending 31 March 2010 when compared to a loss of over £3 million made in the prior year.
Convertible Loan Note
The Company has repaid and cancelled the total outstanding secured convertible loan notes of £300,000 at par. The loan notes were issued pursuant to an instrument dated 3 September 2003 paying interest at 7 % per annum and convertible into shares at the rate of 30 pence per ordinary 5 pence share equivalent to one million ordinary shares.
Rupert Hambro, Chairman of Theo Fennell Plc, commented:
"We are pleased with the business turnaround achieved so far and the positive reception to Theo's new designs by both existing and new customers. This resulted in a strong sales performance over the key Christmas trading period. Although we continue to be conscious of the potential impact of the fragile economic environment on the Company's performance, we are confident of a significantly improved result for this year compared to last year. We believe we now have the firm foundations for the future recovery of the business.''
Enquiries:
Theo Fennell Plc
Barbara Snoad Tel: 020 7591 5000
Pelham PR
James Henderson / Kate Catchpole Tel: 020 7337 1512
Seymour Pierce Limited
Mark Percy / Catherine Leftley Tel: 020 7107 8000
This information is provided by RNS
The company news service from the London Stock Exchange
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