THE RETAIL BULLETIN - The home of retail news
HOME
RETAIL NEWS
RETAIL EVENTS
Fashion
Department Stores
Shopping Centres & Retail Parks
Home & DIY
Electricals
Health & Beauty
General Merchandise
Entertainment
Sports & Leisure
Retail Solutions
Food & Drink
Interviews
RETAIL INSIGHTS
RETAIL SOLUTIONS
ABOUT US
CONTACT US
SUBSCRIBE FOR FREE
Thorntons issues profit warning

Thorntons issued a profit warning today in its trading update for the 16 weeks up to 30 April 2011. The retailer said that the warm weather over Easter and weak footfall had contributed to a 22.8% drop in like-for-like sales compared to the same week in the previous year.

CITY & CORPORATE

Thorntons issues profit warning

Thorntons issued a profit warning today in its trading update for the 16 weeks up to 30 April 2011. The retailer said that the warm weather over Easter and weak footfall had contributed to a 22.8% drop in like-for-like sales compared to the same week in the previous year.

While overall Group sales since January were down slightly by 0.7%, Own Store sales declined by 13.9% to £31.14million with a like-for-like sales decline of 12.6%.
 
Thorntons said that it now expected pre-tax profits for the year to 25 June to be £3-£4.5million. This is down from the £6.1million achieved last year.

Jonathan Hart, Thorntons chief executive, said: “The past quarter has been extremely challenging particularly in our Own Stores and for Franchisees and we foresee the prospect of this weakness in high street footfall and spending continuing. We have taken a number of actions including adjusting our trading strategy and aggressively managing our overhead costs, as well as ensuring that our production is geared to likely demand.” 

He continued: “Additionally we took steps to ensure that our ice cream was available in more stores than last year ahead of the Easter trading period. However, these significant additional sales were insufficient to offset the impact of the weather on those of our core chocolate items.“

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

RETAIL EVENTS

Omnichannel Futures Conference 2019
Omnichannel Futures Conference 2019
6 February 2019
Cavendish Conference Centre, London WG1 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy
Customer Engagement Conference 2019
Customer Engagement Conference 2019
5 June 2019
Cavendish Conference Centre, London W1
The 10th Annual Retail Customer Engagement Summit
The HR Summit 2019
The HR Summit 2019
Tuesday 8 October 2019
The Cavendish Conference Centre, London W1
The 11th HR Summit 2019, The Cavendish Conference Centre, London W1, 8 October 2019
AI in Retail Conference 2019
AI in Retail Conference 2019
16 October 2019
Cavendish Conference Center, 22 Duchess Mews, London W1G 9DT
Digitally native competitors and demanding customers are forcing a new perspective in retail. AI and machine learning can help you step up to the challenges; and some ‘small and beautiful’ solutions can increase your conversion rates within just a few weeks.
Payment Roundtable 2019
Payment Roundtable 2019
6 February 2019
The Cavendish Conference Centre, 22 Duchess Mews, London W1G 9DT
The Retail Bulletin Payment Roundtable will raise debate and discussion centred on but not exclusive to improving the in-store payment process