FDBusiness.com

Thorntons Restructures to Tackle Declining Profits

 Breaking News
  • The Zamora Company Moves into American Whiskey The Zamora Company, a Spanish fifth generation, family-owned global wine and spirits business headquartered in Madrid, has acquired an equity stake in Yellow Rose Distilling, a leading American whiskey distiller in Houston, Texas. The Zamora Company is best known for Licor 43, Spain’s leading liqueur brand, as well as Villa Massa Limoncello and a wide [...]...
  • Dunnes Reclaims Top Spot in Irish Grocery Market The latest grocery market share figures from Kantar Worldpanel in Ireland, for the 12 weeks ending 5 November 2017, reveal that Dunnes Stores has returned to the top spot for the first time in nine months, capturing a 22.4% share of the market. David Berry, director at Kantar Worldpanel, comments: “Dunnes Stores traditionally posts a strong performance towards [...]...
  • Cornish Kern From the UK Named World Champion Cheese 2017 Cornish Kern, an alpine-style cheese made by the UK’s Lynher Dairies Cheese Company, has been crowned World Champion Cheese at the 30th annual World Cheese Awards, after just a few years in development. This buttery medium-hard cheese, with a deep aroma and caramel notes, rose to the top among 3,000 entries. The 30th anniversary edition of the awards [...]...
  • GNT Group Supports Next Generation of Food Scientists The GNT Young Scientist Award 2017 goes to Caroline Buvé of Katholieke Universiteit Leuven, Belgium. At the 31st EFFoST International Conference, which was held in Sitges, Spain, from 13th to 16th November, she stood out with her research on quantifying colour changes of pasteurized strawberry juices during storage by integrating analytical and acceptability data. Second and third place went [...]...
  • How Conformity Can Deliver Tangible Business Benefits For Packaged Food Manufacturers Manufacturers and brand owners are under immense pressure to repeatedly produce conforming, high quality, safe and well-presented packaged food to meet industry requirements. Increasingly stringent legislation, innovations in packaged product design and evolving customer expectations mean the need for conformity has never been greater. Industry expert Mettler Toledo has published a free, comprehensive white paper ‘Ensuring Conformity [...]...

Thorntons Restructures to Tackle Declining Profits

Thorntons Restructures to Tackle Declining Profits
September 08
11:43 2011

Although it increased sales by 1.7% to £218.3 million, UK chocolate manufacturer and retailer Thorntons has reported a 37.3% plunge in profit before taxation and exceptionals to £4.3 million for the 52 weeks ended 25 June 2011. Trading was particularly challenging in the company’s retail business, with own stores and franchise sales down by 8.9% and 10.8% respectively. After exceptional charges of £5.4 million, the company was left with a pre-tax loss of £1.07 million.

 

Thorntons is 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 explore opportunities to close a further 60 stores in weak locations over the same time frame.

 

“In the year that marks the centenary of Thorntons, I am pleased to report record overall sales, despite the challenging retail environment. This highlights the strength of our multi-channel strategy, as well as that of the Thorntons brand, with sales of branded products rising by 2.2%. commercial sales have grown by an impressive 25.9% over the full year,” says Jonathan Hart, chief executive of Thorntons. “Our goal over the next three years is to rebalance the business and to create a profitable and sustainable retail estate. While we expect to see the weakness in high street footfall and consumer spending to continue through 2012, we are confident that this strategy is right for the company.”

About Author

colin

colin

Related Articles



Food & Drink Business Conference & Exhibition 2016

Upcoming Events

  • November 28, 2017Fi Europe
  • December 4, 2017Plastics and Paper in Contact with Foodstuffs 2017
  • January 8, 2018RAI Exhibition
  • January 16, 2018Sival Plant Production Trade Show
AEC v1.0.4

find food jobs

The Magazine

F&D Business Preferred Suppliers

New Subscriber





Subscribe Here



Advertisements