UK: Store closures hit Thorntons sales
Thorntons has booked a drop in third-quarter sales as store closures and a difficult trading environment dented the chocolate group's result.
Total sales in the three months to 28 April fell 2.7% to GBP62.4m (US$101m), the group revealed today (3 May).
During the period, Thorntons closed 11 of its company-owned shops as part of its store-closure programme.
The company sells chocolate through its own retail outlets, franchised branded shops and supermarkets. It announced last June that it plans to close 180 outlets over the next three years in order to increase its focus on selling chocolate products through the retail multiples.
Excluding store closures, Thorntons said sales were broadly flat. The group witnessed a 1.6% drop in like-for-like sales at its own stores, while franchise stores sale sales gain 12.6%,
Despite a "good" Easter, CEO Jonathan Hart said that the "difficult consumer environment continues".
"We continue to focus on restoring profitability and we are seeing early signs of progress resulting in an overall satisfactory trading performance," he commented.
Click here for the full release.
Dessert brand Gü and Ben & Jerry's ice cream ramped up the discounts they offered to UK consumers in July, according to the latest data from the just-food Promo Tracker....
- On the move: What's in store from Tesco's new CEO?
- The just-food interview: Premier Foods CEO Darby
- On the money: Can Premier build H2 sales momentum?
- Comment: Danone could be mulling strategy shift
- Focus: Lindt plays safe with Russell Stover buy
- UPDATE: Premier establishes international unit
- Campbell issues warning on 2014/15 fiscal year
- S&A Foods announces restructure, 55 jobs to go
- Premier launches Oxo pots range in UK
- Universal Robina to buy biscuit firm Griffin's