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Retail Thorntons profits up 70% as bulk sales rise
(Guardian (UK) Via Acquire Media NewsEdge) Thorntons chocolate suffered a disastrous Christmas online when its website relaunch failed, leading to a 12% fall in internet sales.
However, the chocolatier, which is attempting a revival after years of decline, saw pretax profits soar 70% to pounds 5.3m as the company shut several high street stores and shifted its focus to supplying supermarkets and other retailers.
Its chief executive, Jonathan Hart, said: "We launched a three-year review which we are half way through where we want to move away from the focus solely on Christmas and Easter and to a year-round offering."
When he joined the company 18 months ago it had nearly 400 stores, which he aims to reduce to between 180 and 200. Sales of chocolates to retailers rose 16% in the six months to mid-January to pounds 51.8m, however, own store sales dropped 8.3% to pounds 62.6m following 13 store closures. Like-for-like sales fell 1.5%. Simon Neville
(c) 2013 Guardian Newspapers Limited.
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