Deathwatch: Thorntons in a bad way
Thorntons, who at the end of last year, issued its fifth profit warning in 20 months, said it would not pay an interim dividend. Bad darts, obviously.
Profits for the 28 weeks to January 7th have dropped to £618,000, compared with £8.3m in the first half. Promotions and discounts slashed margins, but alas, not seen customers dashing through the door.
It seems, in a recession, there's not much call for luxury chocolates or toffee that yanks your fillings out.
Profits before tax fell to £3.1m, which is poor considering the fact we've just come through the Christmas period.
Jonathan Hart, the chief executive, said the "economic and retail environment will remain challenging and uncertain for the foreseeable future, certainly through 2012".
Can it survive?
TOPICS: High Street News