Thorntons: far from chocolate heaven in 2011?
10.05.11
The grandson of the firm’s founder Joseph Thornton also told FoodManufacture.co.uk that current chairman John von Spreckelsen dismissed his turnaround plan for the business last year, telling Thornton he was too old and out of touch to contribute.
Hot Easter weather dented Thorntons sales for the crucial third quarter sales period up to April 30 2011, with the firm predicting a slump in full-year pre-tax profits to June 2011, which it said would range from £3m to £4.5m (£6.1m 2010)
Store sales at 370 high street stores fell 13.9% to £31.4m, while franchise sales fell 21.4%. Thorntons’ share price fell 12% as a result of the profit warning (the firm’s fourth in 12 months) and now stand at 70p against a high of 152p in April 2010.
Asked when and where he believed things had gone wrong for the UK’s largest independent chocolate maker, Thornton said: “It’s quite a long story, it goes back to 1995 when they decided to expand the shop chain quite considerably.”
Source: FoodManufacture.co.uk