Strong Easter sales but Thorntons fails to sparkle

Derbyshire-based Thorntons said its third quarter sales fell 7.6 per cent over the 15 weeks to April 26, due to slower supermarket sales in February and March as well as the impact of store closures.

Shares tumbled 15 per cent, even though it said sales of its seasonal specialities grew by more than 20 per cent in a strong Easter performance.

Thorntons, which has suffered several profits warnings in recent years, is in the middle of a turnaround plan that involves cutting its portfolio of high street stores and selling more products through major supermar- kets.

During the period the business said its supermarket sales fell eight per cent, partly due to a poor performance in the run-up to Valentine’s Day and Mother’s Day.

The firm also saw sales at its own high street stores slip 8.8 per cent, reflecting the 38 shops the company had closed during the previous year. Thorntons now has an estate of 271 stores.

Chief executive Jonathan Hart said: “Despite this third quarter result we are satisfied with the overall performance of the business for the year to date.”

The company added that it expected to meet its market forecast of a £7.3m pre-tax profit for the full year.