Thorntons sales melt by 12.8pc
SHARES in Thorntons slumped nearly eight per cent yesterday after subdued consumer spending and lumpy orders from commercial customers hurt the chocolatier’s first quarter sales.
Thorntons has been reducing its exposure to the high street and repositioning itself as a fast-moving consumer goods (FMCG) business, its chocolates to supermarkets and other third-party retailers.
The company said sales from this division, which accounted for about 40 per cent of the total, fell by 12.8 per cent to £20.8m in the 14 weeks to 4 October “reflecting fluctuations in order patterns”.
It expects this to reverse in the second quarter, when supermarkets place their Christmas orders and reiterated its full-year forecast.
Retail sales fell 10.9 per cent as the company closed 12 stores, while overall sales fell 11.9 per cent.