Thorntons chairman tucks in

Chairman John von Spreckelsen has spent almost £23,000 on shares in Thorntons a week after the chocolate seller said sales rose 6.4% in the 14 weeks to 4 October.

New store openings and rising telephone and internet orders rose 7.6%, but corporate business declined. The firm reported total sales of to £45.7m and an increase in like for like sales of 0.9%.

Former chairman of supermarket chain Somerfield and boss of Budgens, von Spreckelsen bought 20,000 shares at 113.8p each, taking his stake in Thorntons to 750,000, or 1.1% of the company.

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The shares, which have almost halved in the past 12 months, bucked up at the end of last month following a 19.6% increase in full year profit despite tougher market conditions.

In the 52 weeks ended 28 June 2008 profit before tax rose to £8.5m from £7.1m the year before. Revenue rose 11.9% to £208.1m after the retailer improved product lines and increased prices.

Analysts had expected the specialist chocolate and toffee maker to report profits of around £8.23m. Sales were in line with forecasts.

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