Recession beginning to hit Theo Fennell - MoneyAM


Theo Fennell, the luxury jeweller, said today trading this year began satisfactorily but is being increasingly impacted by the recession which has affected consumer confidence.

The company will be opening three new concessions in Brown Thomas, Dublin in November, and Middle East partners will be opening new standalone Theo Fennell stores in Emirates Towers, Dubai and in Kuwait City as well as smaller concessions in Jeddah Saudi Arabia and Qatar in the first quarter of 2009.

The overall impact of the downturn in consumer confidence together with the investment programme will result in the company not making a profit in the first half of the year.

The said further expansion plans are under review.

Thoe Fennell said it has received an approach from a party interested in making a significant investment in the business by investing through the subscription of new equity. This approach would not constitute an offer for the company. Talks are progressing but there is no guarantee that a transaction will complete. A further announcement will be made in due course.

Maybe it's time for the CEO to go does'nt seem to understand the business ,The new management have no idea how to run a High end Jewellers .

Bring back Theo & Barbara Snoad to get the business moving again.

Theo Fennell braced for FY loss after mixed Xmas trading


Theo Fennell experienced mixed Christmas trading due to a depressed UK consumer market.

Sales at the Theo Fennell flagship and City stores were up versus the prior year However sales from Theo Fennell's other outlets were below the prior year. This was particularly disappointing given they had traded well during the first 8 months of our financial year to the end of November.

Sales in the five weeks for the month of December 2011 were 11% below 2010.

As a result of weak Christmas trading and the significant investment the Company has made in the year, particularly the launch of Alias and the website, the commpany expects to make a loss for the year ended 31 March 2012.

Given the continued uncertain economic environment expected in 2012 the Company is in the process of an in depth restructuring of its cost base to ensure that the business will achieve an improved performance.