Newspaper article The Journal (Newcastle, England)

Trading Cheer for Chocolate Chain

Newspaper article The Journal (Newcastle, England)

Trading Cheer for Chocolate Chain

Article excerpt

CHOCOLATE retailer Thorntons has offered some cheer after a tough year as it said its performance had improved "substantially" in recent months.

The chain reported a less-than-feared 25.8% fall in annual underlying pre-tax profits to pounds 6.3m after seeing sales pick up in the final six months and as cost cutting benefits came through.

But Thorntons admitted the financial crisis "could not have hit us at a worse time", coming during its peak selling Christmas quarter, while the administrations of its Birthdays franchisee and key customer Woolworths added to a tough 12 months.

Thorntons said net sales - those excluding the impact of acquisitions or disposals - rose 6.1% in the second half.

It also narrowed losses in the traditionally tougher second half period for the group, by pounds 2.5m on an underlying pre-tax basis.

"There are very early signs that the worst of the recession might be over and this, together with all the work we have put into product innovation, reducing costs and improving productivity give me confidence," said Mike Davies, chief executive of Thorntons. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.