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Thorntons warns on profits as CEO steps down

Thorntons chief executive Mike Davies is retiring as he believes a CEO with specific retail expertise is needed to lead the business.

GENERAL MERCHANDISE

Thorntons warns on profits as CEO steps down

Thorntons chief executive Mike Davies is retiring as he believes a CEO with specific retail expertise is needed to lead the business.

Davies, who joined the group in October 2006 after 20 years at Mars Inc, will remain in post until a replacement is found.

“In the light of new challenges, principally the management of Thorntons' retail estate, Mr Davies has decided that a chief executive with specific retail expertise is required to lead the business,” the Grroup said in a statement just before the market closed last night.

Current chairman and ex-Somerfield and Budgens chief John von Spreckelsen will act as executive chairman.

The firm said that since its last trading update on 20 April it has continued to experience a tough trading environment in its 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 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.

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