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| Thorntons' profits fall sharply after weak Christmas | Thorntons' profits fall sharply after weak Christmas |
| (40 minutes later) | |
| Half-year profits at chocolate maker Thorntons have fallen sharply after poor trading and high exceptional charges. | Half-year profits at chocolate maker Thorntons have fallen sharply after poor trading and high exceptional charges. |
| href="http://www.investegate.co.uk/CompData.aspx?code=THT&tab=announcements" >Profit before tax for the 28 weeks to 7 January was £3.1m compared with £8.4m for the same period last year. | |
| But after stripping out £2.4m of exceptional items, including "onerous leases", profits fell to £618,000. | But after stripping out £2.4m of exceptional items, including "onerous leases", profits fell to £618,000. |
| The company had already warned that sales over the key Christmas trading period had been below expectations. | The company had already warned that sales over the key Christmas trading period had been below expectations. |
| Sales, taking account of changes in the number of stores, were down by 5.5%, worse than the 5.2% drop seen between 2010 and 2011. | Sales, taking account of changes in the number of stores, were down by 5.5%, worse than the 5.2% drop seen between 2010 and 2011. |
| In June last year, Thorntons had announced it would close 120 stores, and in its latest statement the firm said the closure programme was "on track". | In June last year, Thorntons had announced it would close 120 stores, and in its latest statement the firm said the closure programme was "on track". |
| In addition, it is considering closing an additional 60 outlets, to leave it with between 180 and 200 owned-stores. | In addition, it is considering closing an additional 60 outlets, to leave it with between 180 and 200 owned-stores. |
| Thorntons said it had improved its profit margin and market share, and the company's chief executive, Jonathan Hart, said the the company had "made good progress while weathering a difficult market". | Thorntons said it had improved its profit margin and market share, and the company's chief executive, Jonathan Hart, said the the company had "made good progress while weathering a difficult market". |