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Profit Warning From Thorntons

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Profit Warning From Thorntons

Profit Warning From Thorntons
December 22
09:44 2011

Thorntons, the UK confectionery manufacturer and retailer, has warned that profits for its full year will fall short of expectations. Citing continued weakness in consumer sentiment and high levels of promotional activity in the market place, the board of Thorntons expects that profit before taxation, exceptionals and impairment and onerous lease charges will be around break even for the 53 weeks ending 30th June 2012.

 

Thorntons reported a 37.3% plunge in profit before taxation and exceptionals to £4.3 million for the 52 weeks ended 25 June 2011, despite increasing sales by 1.7% to £218.3 million. The company is currently in the process of restructuring its own stores business to achieve an estate of between 180 and 200 outlets, located primarily in the top 150 retail locations. This will involve taking advantage of the 179 lease expiries over the next three years to close around 120 stores and exploring opportunities to close a further 60 stores in weak locations over the same time frame.

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