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September 10, 2012

S AFRICA: Thorntons signs Massmart supply deal

UK confectioner Thorntons has signed a deal to supply its products to South African retailer Massmart.

UK confectioner Thorntons has signed a deal to 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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