25 May 2012

Theo Fennell warns on profits

07/01/2011 Miles Nolan

Upmarket jeweller Theo Fennell is the latest retailer to fall foul of the harsh winter weather conditions. Though the December sales period started brightly with a 22 per cent surge in like for like sales in the first week the position has deteriorated significantly since.

AIM listed Theo has suffered from a slump in footfall to its Fulham Road store from both clients in the UK and also a fall in overseas demand as visitors struggled to enter the country. The outlet at the Royal Exchange faired better due to it having a more local client base made up of nearby City workers. However, the net result was a fall in like for like sales of 7 per cent for December as a whole. Sales of its higher end products fell short of hopes however demand for its Bees, Keys and Spangles ranges have proved robust.

The new silver jewellery line Alias was launched in November and has already sold over 2000 units. It will see an expansion to the product range in early Spring as Theo seeks to boost its distribution in the UK and overseas. House broker Seymour Pierce now expects a 2011 loss of £500,000 compared to a prior expectation of a £500,000 profit.

As Mulberry has proved there is clearly worldwide demand for quality luxury goods but Theo has been an unfortunate victim of the snow. Having not far off doubled since September shares in Theo slumped by 11.5p yesterday and are down a further 5 per cent to 55.5p this morning. Highlighted as recovery speculation in Growth Company Investor in November at 40.5p the shares now rate as a hold.

Tags: AIM market, Jewellery, Profit warning

Sector: General Retailers

Companies: Theo Fennell

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