Chocolate retailer Thorntons said total sales in the fourth quarter improved 7.8 per cent to £24.7m as action taken to revitalise its brand starts to deliver improvements in a difficult trading environment.
Own Store like-for-like sales during the nine-week period increased by 0.7%. Overall sales in Own Stores declined £0.7m to £13.7m following the closure of 36 stores during the year.
Chief executive Jonathan Hart commented: "Although we are encouraged by this performance, this nine week period contributes less than 12% to our annual sales and we continue to remain cautious about the outlook for the coming year."
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"Trading initiatives in our Own Stores, implemented since our strategic review, combined with new product launches have led to some improvement in underlying sales."
We anticipate profit before tax, impairment and onerous lease charges for the full year to be in line with our expectations, the group said.
Franchise sales fell to £0.9m after sales were adversely affected by the administration of Clinton Cards. Thorntons had franchises in 30 Birthdays stores and 16 Clinton Cards stores.
Thorntons Direct sales were broadly flat at £0.8m.
CJ
-
FTSE 100 hits record highs – why is it rising and will we see more gains?Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
-
How to invest in copperIt may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
