from website4 May 2012 08:35
In June last year we set out our vision
for the future of Thorntons and we
remain committed to rebalancing
the Thorntons business, creating
a smaller retail estate, revitalising
the brand and restoring profitability.
During the first half of our financial
year we made good progress in
implementing this strategy. Our
closure programme is on track and
we are encouraged by the positive
customer response to our new store
prototype, which traded strongly over
the Christmas season.
Thorntons has a well-managed
balance sheet, quality asset backing
and good cash generation. The Board
is confident that Thorntons has the
expertise and resources needed to
complete this transformation successfully
and restore profitability.
During the period under review profit
before tax and exceptional items was
£3.1 million (2011: £8.4 million).*
The Christmas season remains the
key trading period for our Company
and, in common with many other
retailers, the weak economy affected
customer behaviour in each of our
sales channels. This manifested itself
by selective purchasing and trading
down into the promotional lines
which had an effect on both sales
and margins.