Thorntons Like-For-Like Retail Sales Up 5%

Struggling chocolate maker Thorntons has reported a 5% increase in like-for-like retail sales in the last quarter.

But the firm's supermarket sales fell by 10.5% compared to the previous period, blamed on "challenges experienced in a couple of major grocers", and short-term problems at its new centralised warehouse.

Shares in the company rose by 1.75% in response to the second quarter trading update.

During Christmas, like-for like retail sales rose by 7.8%, driven by demand for Thorntons' inlaid boxes, seasonal specialities and advent calendars, reports the firm.

The results come after the business closed four stores and relocated two others, leaving a total of 247 of its own stores.

Overall, the company reported a 6.4% decline in sales for the 14 weeks to 10 January, although this is an improvement on the previous quarter when sales fell 11.9%.

Jonathan Hart, Thorntons' chief executive, said: "Alongside very positive results from our Retail division for the second year running, we were disappointed that the continued growth we anticipated in the UK commercial channel of our FMCG division had not been delivered.

"The challenges we experienced within specific grocers accounted for the majority of the share decline."

In December, shares in the business plunged 25% when it warned annual profits would fall in the current year.

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