Thorntons has booked higher first-half earnings, which were boosted by lower costs and a rise in sales.
The UK chocolate maker said profit before tax and exceptional items rose to GBP5.3m (US$8m), up from GBP3.1m in the comparable period of last year. Net income jumped by 49.3% to GBP4m as exceptional costs dropped by more than two-thirds to GBP700m.
The company also saw sales rise by 2.9%, boosted by “significant” market share gains in the commercial channel. Own store sales continued to fall as the company made progress on its strategy to shutter underperforming outlets and focus on generating sales through retail customers.
“We are encouraged by the overall progress we made during the first half of the year. This performance demonstrates that our strategy is generating results as we continue to rebalance the business, revitalise the brand and restore profitability,” CEO Jonathan Hart commented.
Click here to read Hart’s comments on the group’s progress to date.