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.
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