Thorntons predicts profit dive
Chocolatier Thorntons has delivered a further blow to shareholders this morning, telling the Stock Exchange that profits for its full year will "fall short of expectations".
The Alfreton-based retailer added that pre-tax profit would be "around break even" for the year ending 30 June 2012, down from the £4.3m recorded earlier this year.
The news comes after Thorntons announced plans to shut 180 of its UK outlets in a bid to save money.
"Following continued weakness in consumer sentiment and high levels of promotional activity in the marketplace, the board now considers profits for its full year will fall short of current expectations," said Thorntons.
"The board now believes that profit before taxation, exceptionals and impairment and onerous lease charges will be around break even for the 53 weeks ending 30 June 2012."
For the three months to October, total sales declined 7.6 per cent which the Alfreton company's management said was "expected".
Revenue dropped to £46.5m in the three months to 1 October, which Thorntons said was in line with management expectations.
