Poor trading will hit results but web and international show growth.
Luxury jeweller Theo Fennell this morning described its festive trading performance as “disappointing” and has warned that full year results will fall below expectations as a result.
The London jeweller blamed a challenging UK consumer market, an uncertain economic climate and a lack of footfall to its stores for the poor Christmas results.
While footfall suffered on the streets, Theo Fennell did say that it enjoyed “strong internet sales” over the festive trading period.
While it is expecting weak festive trading to impact on its full-year results, Theo Fennell has said that recent cost savings made by the company will “help mitigate losses for the full year”.
Theo Fennell said that its international wholesale division has “risen substantially” in the financial year to date and said it has plans to further cultivate these channels in 2013. The jewellery brand will also further develop its online presence with a view to increasing web sales following its positive online results at Christmas.
A statement released by Theo Fennell said: “Whilst the ongoing uncertain economic environment has impacted the Company’s sales in the short term, the Board remains positive about the long term prospects for the business.”