Thorntons' shares take a dive
Share prices in beleaguered chocolatier Thorntons have reached a year-low after the company reported a 7.6 per cent drop in sales.
After posting sliding revenues in almost all of its divisions yesterday (5 October), shares in Alfreton-based Thorntons dropped 3.26 per cent to 44.5p.
The result is a far cry from its 52-week high of 110p per share, which occurred on 26 October 2010.
In its latest trading statement released yesterday, Thorntons said total sales dropped to £46.5m in the three months to 1 October.
Commercial channel sales declined by 4.9 per cent to £18.9m while franchise sales fell 6.4 per cent to £2.6m.
Thorntons Direct sales decreased by 8.1 per cent to £1.2m due to the loss of a large corporate order, said the company.
Jonathan Hart, Thorntons' chief executive, said: "As expected, the retail environment continues to be challenging with weakness in high street footfall. Our consumers remain cost conscious and continue to select promoted products.
"Our programme to improve own store merchandising and layout launches in October. We are now starting to roll out our new ranges of 'little gifts' into the stores and are pleased with our strong Christmas seasonal offer across all channels."
