Mon, 03 Mar 2014 | BUSINESS NEWS
Thorntons has reported a 47 per cent rise in profits as it continues to close its own stores, favouring selling through supermarkets and wholesalers.
The chocolate-maker revealed that its pre-tax profits for the six months leading up to 11 January 2014 are £7.2 million, with sales up 4.5 per cent to £139.7 million. The company attributed the impressive figures to a strong performance over the Christmas period and the decision to focus on selling via third parties rather than its own high street stores.
This means that interested parties should keep a keen eye on any Thorntons shops that could come up for sale across the UK; Thorntons closed 15 stores in this same 28-week period, leaving it with 280 stores. It has announced plans to cut this figure further to an eventual 180 and 40 of those will be closed this year.
The Derbyshire-headquartered business was optimistic that profitability would continue to rise as it stuck with this strategy, particularly with the chocolate-indulgent Easter period on the way. Indeed the company said that more of its products will be rolled out in supermarkets over the coming year while focus is shifted away from its stand-alone stores.
In a statement, Thorntons’ chief executive Jonathan Hart declared that the company was “pleased” with the financial results.
He said: "Overall we continue to be encouraged with the progress which has been made in implementing our strategy of rebalancing the business, revitalising the brand and restoring profitability.”
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