Posted on April - 22 - 2010
Thorntons’ chocolate sales melt away
Chocolate retailer Thorntons warned profits will miss expectations after disappointing Easter sales at its high street stores.
The group said like-for-like shop sales were down 4.6 per cent in the 14 weeks to April 17, greater than the 2.4 per cent decline seen in the previous six months.
As well as disruption from severe weather at the start of the period, Thorntons said that Easter trading overall was below plan.
It is taking a cautious view on the outlook for the remainder of the financial year, particularly as consumers remain focused on value.
Shares slumped 12 per cent after Thorntons reduced its pre-tax profits guidance for the year to £7.5m, compared with the City’s forecast of around £8.9m.
Thorntons said more customers were opting to buy its chocolates from supermarkets rather than its own stores. But online sales grew by 32.4 per cent to £2.5m after more customers opted to personalise products with iced messages.
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