S AFRICA: Thorntons signs Massmart supply deal
Thorntons will supply its products to South African retailer Massmart
A spokesperson for Thorntons confirmed the deal to just-food today (10 September) but declined to give any further details of the agreement with the retailer, in which Wal-Mart Stores owns a majority stake.
Thorntons has been plagued by a run of poor results and profit warnings and, in a bid to improve profitability, the firm embarked on a restructuring programme earlier this year that will see it close a total of 180 owned stores.
In July, the group recorded a 7.8% increase in fourth-quarter sales, but despite the improvement, maintained a cautious outlook for the remainder of the year.
Thorntons is due to publish its preliminary results on Wednesday.
- Focus: ConAgra own-label exit plan is about growth
- just-food's pick: Top trends at Fancy Food Show
- What Grexit could mean for the food industry
- IRI – The opportunity of range optimisation
- Focus: Can General Mills improve US retail sales?
- ConAgra confirms private-label exit
- Kraft Heinz unveils management structure
- Kraft faces lawsuit over 'natural' claims
- US performance weighs on General Mills
- Hovis "mulls Irish Pride Bakeries takeover"