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Thorntons finds downturn sweet
10.09.08
When the economy goes down the pan, the one thing people reach for is chocolate.
Thorntons today claimed that chocaholics struggling to make ends meet were staying in at night to gorge on their favourite treats rather than heading out to a restaurant or the pub.
It helped profits at the chocolate shops chain surge nearly 20% to £8.5million for the year to 28 June. Sales rose 12% to £208.1million.
Mike Davies, chief executive of the 97-year-old firm, admitted the general economic outlook was "uncertain".
But he added: "Many shoppers trade down and buy a box of chocolates for a night in instead of splashing out on a meal at a restaurant."
Thorntons has now set its sights on increasing its share of the UK market by 50% and making itself the country's premium chocolate brand, including a move upmarket to attract posh chocolate lovers to its 379 stores.
