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Thorntons upbeat as supermarket sales rise Thorntons upbeat as supermarket sales rise
(5 months later)
A triple sales boost from Easter, Mother's Day and Valentine's Day has helped chocolate maker Thorntons record a 4% increase in turnover since the start of the year, prompting the chocolatier to predict that full-year profits will exceed expectations.A triple sales boost from Easter, Mother's Day and Valentine's Day has helped chocolate maker Thorntons record a 4% increase in turnover since the start of the year, prompting the chocolatier to predict that full-year profits will exceed expectations.
Total sales at the retailer were £60.6m in the 14 weeks to 20 April, helped by a 10% leap in sales to supermarkets and other retailers, which now account for nearly half its business and overtook own-store sales for the first time.The company has suffered in recent years from having too many high street stores with crippling rents.Total sales at the retailer were £60.6m in the 14 weeks to 20 April, helped by a 10% leap in sales to supermarkets and other retailers, which now account for nearly half its business and overtook own-store sales for the first time.The company has suffered in recent years from having too many high street stores with crippling rents.
However, chief executive Jonathan Hart plans to cut the sites from 400 to between 180 and 200, shutting another nine in the last quarter. As a consequence own store sales fell 4.1%, to £26m.However, chief executive Jonathan Hart plans to cut the sites from 400 to between 180 and 200, shutting another nine in the last quarter. As a consequence own store sales fell 4.1%, to £26m.
Online sales grew 4.6% to £2.2m following a relaunch of the Thorntons website, which suffered delays over Christmas, causing a 12% fall in online sales.Online sales grew 4.6% to £2.2m following a relaunch of the Thorntons website, which suffered delays over Christmas, causing a 12% fall in online sales.
The boosts led to Thorntons increasing its market share in the boxed chocolate market from 11.7% to 12.2%, according to data from market analysts at Nielsen.The boosts led to Thorntons increasing its market share in the boxed chocolate market from 11.7% to 12.2%, according to data from market analysts at Nielsen.
Analysts believe that Thorntons is on the right track if it continues to set up exclusive deals with major supermarkets such as Tesco.Analysts believe that Thorntons is on the right track if it continues to set up exclusive deals with major supermarkets such as Tesco.
Bethany Hocking, retail analyst at Investec, said: "Thorntons is gaining share, trading well, and the transition to a FMCG [Fast Moving Consumer Goods] group with a retail estate is on track." Thorntons buoyed investors further by predicting that full-year profits will "substantially" exceed expectations.Bethany Hocking, retail analyst at Investec, said: "Thorntons is gaining share, trading well, and the transition to a FMCG [Fast Moving Consumer Goods] group with a retail estate is on track." Thorntons buoyed investors further by predicting that full-year profits will "substantially" exceed expectations.
Shares in Thorntons closed at a two year high of 80p, up 4.25p, or 5.6%.Shares in Thorntons closed at a two year high of 80p, up 4.25p, or 5.6%.
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