Chocolatier Thorntons has warned its full year profits will miss expectations as consumers continue to cut back and it battles high levels of promotional activity on the high street.
The firm now believes that profit before taxation, exceptionals, impairment and "onerous lease charges" would break even for the year to the end of June 2012.
Thornton's said it would update the market further on 12th January 2012.
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
It has been a tough year for the company, which announced in June it would close up to 180 of its own shops over the next three years, replacing many of them with franchises.
The firm's share price has fallen 60% in the last 12 months.
The firm is hoping for a successful Christmas after it saw sales drop 7.6% in the fourteen weeks to 1 October.
-
UK-US trade deal announced: US cuts tariffs on UK car imports to 10%Keir Starmer and Donald Trump have announced a UK-US trade deal, but the US president has refused to lift baseline tariffs on most UK goods. What does it mean for the UK?
-
How to use mid-caps to diversify from the USMedium sized companies are overlooked by investors but could offer an attractive ‘sweet spot’. We consider the case for mid-caps amid market volatility.
