Davies will remain in place until a suitable candidate has been identified. A search for his successor has been initiated. Until a new appointment has been made, John von Spreckelsen will act as executive chairman.
Since the last trading update issued on 20 April 2010, the company has continued to experience a tough trading environment in own stores together with a temporary decline in commercial channel sales.
Own stores sales have continued to experience like for like sales declines together with higher than anticipated discount costs on clearing excess stocks. Commercial sales were also lower than expected during the end of April and early May, but have since recovered to previously forecast levels.
The board has therefore revised its outlook for the remainder of the year and now expects profit before tax and exceptional items and impairment charges to be lower than previously indicated.
A full trading update will be issued on 14 July 2010.
Source: Thorntons
© FoodBev Media Ltd 2024