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Reduced discounting helps Thorntons profit rise
A reduction in discounts offered at retail stores has helped to increase half-year pre-tax profit at Thorntons.
The retailer, which uses business property throughout the UK for its 279 shops and cafes, said yesterday (February 17th) that pre-tax profit rose by 24.6% to £9.1 million in the 28 weeks to January 9th.
Earnings per share was up by 184.4% to 9.4p, while the company also cut its net debt by £1.7 million to £14.6 million when compared to the same period in 2009.
However, revenue was down 0.7% to £127.4 million and chief executive Mike Davies said that sales volumes across its commercial properties "suffered a slight decline".
"We are in the process of adding several products to our offering and have just launched the new Easter range in our stores," he added, but warned that the second half of the year is "historically loss-making".
Shares in the company are currently priced at 109p.
The retailer, which uses business property throughout the UK for its 279 shops and cafes, said yesterday (February 17th) that pre-tax profit rose by 24.6% to £9.1 million in the 28 weeks to January 9th.
Earnings per share was up by 184.4% to 9.4p, while the company also cut its net debt by £1.7 million to £14.6 million when compared to the same period in 2009.
However, revenue was down 0.7% to £127.4 million and chief executive Mike Davies said that sales volumes across its commercial properties "suffered a slight decline".
"We are in the process of adding several products to our offering and have just launched the new Easter range in our stores," he added, but warned that the second half of the year is "historically loss-making".
Shares in the company are currently priced at 109p.
Thu, 18th Feb 2010