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Not so sweet Christmas for Thorntons
07.01.09
Forget the credit crunch, it was the chocolate crunch that hit Thorntons this Christmas.
Its High Street stores saw underlying sales fall 6.6% in the 12 weeks to 27 December. The group said first-half profits could fall to £7 million — down from £11.9 million last year.
Chief executive Mike Davies said the group had been hit by “weak High Street footfall and consumer demand”. He wanted “even greater focus on managing our costs.”
The demise of Woolworths was a further blow, although Thorntons would not say how big a customer it had been. Online, commercial and franchise sales rose, cutting the total sales fall to 2.3%.
Thorntons shares fell 6p to 83p.
