Thorntons issues profit warning

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.

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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.