Chocolatier Thorntons has announced a surge in full-year profits as it reduced its store estate, revamped its branding and focused on improving margins and controlling costs.
In the year ending June 29th, the company saw revenues rise 1.8% to £221.1 million with profit before tax and exceptional items increasing to £5.6 million.
Jonathan Hart, Thorntons' chief executive, commented: "We have made significant progress in transforming Thorntons over the past year and continue to successfully rebalance revenues towards the FMCG division. This is reflected in the recovery of our profitability. Our customers have responded positively to our new year-round chocolate gifting ranges and our multi-channel approach ensures that our products are available to our customers wherever they choose to buy them. This has resulted in further improvements in market share during the year.
"We are on track with our store closure programme but will retain a sizeable store portfolio demonstrating our continued commitment to the high street. Here we can offer a different and personalised customer experience. We refitted 11 stores to our new format which are performing well and receive good feedback from customers.
"We are mindful that for many of our customers the economic environment remains challenging. The trading outlook is in line with management expectations and we look forward to our important Christmas season for which we have strong trading plans in place and exciting new products across all channels.
"We are pleased with the continued strength of the Thorntons brand and plans are in place to extend our transformation beyond the first three-year strategic horizon."
