Price cuts bite into profits at Thorntons

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Pre-tax profits at the confectionery chain dropped 39% to £7.3 million in the six months to 10 January as it was forced to cut prices to encourage shoppers to keep spending over Christmas.

But chief executive Mike Davies said trading has now picked up, with like-for-like sales up in every week since Christmas except the week of snow. Overall revenues rose 1.3%, thanks in part to a strong performance by its website, although Thorntons admitted corporate demand has dropped off as businesses cut back.

Davies said the company will benefit from Easter falling late this year and from Woolworths' demise. Although Thorntons supplied the bust retailer, resulting in a £150,000 hit, it expects to get a boost long-term from less competition.

The interim dividend is cut to 1.2p from 1.95p last year.