THE RETAIL BULLETIN - The home of retail news
Lest we forget
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 suffers sharp fall in  half-year profits

Chocolate maker Thorntons saw pre-tax profits fall to £3.1 million in the six months to 7 January, down from £8.4 million in the same period last year.

CITY & CORPORATE

Thorntons suffers sharp fall in half-year profits

Chocolate maker Thorntons saw pre-tax profits fall to £3.1 million in the six months to 7 January, down from £8.4 million in the same period last year.

The fall in profit came as the struggling retailer offered heavy discounts and spent more on promotional lines in an effort to attract cash-strapped consumers to its stores.

Revenues fell by £3.5 million to £130 million while own store sales declined 7.9% to £68.3 million. Like-for-like sales decreased by 5.5%.

The company shut 20 of the 120 stores scheduled for closure over the next three years at a cost of £700,000. There are now 344 stores.

However, online sales at Thorntons Direct grew 4.6% to £6.7 million with a new website due to launch in the spring.

The company, which issued its fifth profit warning in 20 months last December, said it would not pay an interim dividend.

Jonathan Hart, chief executive, said the "the economic and retail environment will remain challenging and uncertain for the foreseeable future, certainly through 2012".

 

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

The Retail Design Seminar 2018
The Retail Design Seminar 2018
14 November 2018
The Cavendish Conference Centre
The Retail Design Seminar 2018
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
AI in Retail Conference 2019
AI in Retail Conference 2019
18 September 2019
Cavendish Conference Center, 22 Duchess Mews, London W1G 9DT
Retail marketing is changing pace rapidly by making communication across all platforms personalised, relevant, efficient, and helpful. AI not only helps shoppers find a perfect product but also pre-empts the shopping behaviour and speeds up payment.
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