UK: Thorntons reports higher full-year profits
UK chocolate maker and retailer Thorntons has reported higher full-year profits and said sales in the first few weeks of the new financial year have been encouraging.
The company reported pre-tax profit of £7.0m (US$12.4m) for the 52 weeks to 26 June, compared to £6.4m in the year-ago period. Earnings per share rose 12.4% to £7.64.
Thorntons said turnover increased 6.9% to £178.7m from £167.1m a year earlier. Own shop like-for-like sales rose 2.6%, compared to 0.9% in the year-ago period.
"The business achieved growth in profit before tax last year after net exceptional charges of almost £1m. Whilst more restructuring will take place in the new financial year, we would still expect profits to improve again. We will be in a better position to indicate by how much after our main selling season at Christmas. Sales in the first few weeks of the new financial year have been encouraging, albeit in comparison with a weak trading performance at the beginning of last year," said executive chairman Christopher Burnett.
Following the collapse of takeover talks between Newco and Thorntons, reports have appeared in the UK press that Icelandic group Baugur are interested in acquiring the chocolate retailer....
UK confectioner and retailer Thorntons has announced that takeover talks with Newco - a group headed by former Thorntons chairman Christopher Burnett - have fallen through....
Thortons has said that Christopher Burnett, its chairman, and finance group Newco have informed it that they wish to conduct "further analysis" before making any offer for the chocolate manufacturer....
UK luxury chocolate maker and retailer Thorntons has said that in the first 15 weeks of the current financial year total group sales were 4.8% below last year....
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