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Thorntons hit by weather trouble again

23.02.80

Chairman John Von Spreckelsen had cut full year profits targets from £6.8million to £6.1million but replaced those forecasts yesterday with a fresh range of between £3million and £4.5million.

Thorntons (down 10.25p to 70p) has form in the excuse department having wheeled out an assortment over the past year fit for almost every occasion.

First it was the cost of cocoa hitting a 38-year high, then customers became more price conscious and more recently it needed a boss with retail expertise.

This came by way of new chief executive Jonathan Hart, who joined in January and is mid-way through a strategic review.

He said: ‘Our retail proposition needs to be refreshed,’ he said. ‘But I refute the fact that there isn’t a deep and abiding passion for Thorntons in British consumer minds.’

The Easter trading period equates to nearly 33 per cent of third quarter sales while total sales for the year to date increased by 2.9 per cent compared to the same period last year.

Source: Daily Mail