Belfast Telegraph

Thorntons sees price of shares fall by 15%

By Roger Baird

Thorntons melted its share price after admitting that poor sales in the run-up to Valentine's Day and Mother's Day offset strong Easter trading.

Derbyshire-based Thorntons said its third quarter sales fell 7.6% 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%, even though it said sales of its seasonal specialities grew by more than 20% 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 supermarkets.

During the period the business said its supermarket sales fell 8%, 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%.

Belfast Telegraph