Thorntons hit by weather trouble again

By RUPERT STEINER FOR THE DAILY MAIL
Updated: 20:22 EST, 3 May 2011

Thorntons has once again blamed the weather on poor trading as it issued its second profit warnings in three months.

This time Britain’s last remaining chocolate-maker complained the hot conditions meant Easter egg sales had melted away.

But back in February it was the Arctic conditions that the 100-year-old firm attributed to poor trading because delivery lorries had struggled to reach its network of 600 owned and franchised stores.

Sugar coated excuses: 'Artic conditions prevented lorries making deliveries' is one of Thorntons' trading statements over the past year

In its most recent alert, the confectioner said underlying sales at its wholly owned stores fell 12.6 per cent over the 16 weeks to April 30.

This fell to 22.8 per cent over the crucial Easter week as the hot sunny weather put shoppers off hitting the High Street to buy chocolate.

Chairman John Von Spreckelsen had cut full year profits targets from £6.8million to £6.1million but replaced those forecasts yesterday with a fresh range of between £3million and £4.5million.

Thorntons (down 10.25p to 70p) has form in the excuse department having wheeled out an assortment over the past year fit for almost every occasion.

First it was the cost of cocoa hitting a 38-year high, then customers became more price conscious and more recently it needed a boss with retail expertise.

This came by way of new chief executive Jonathan Hart, who joined in January and is mid-way through a strategic review.

He said: ‘Our retail proposition needs to be refreshed,’ he said. ‘But I refute the fact that there isn’t a deep and abiding passion for Thorntons in British consumer minds.’

The Easter trading period equates to nearly 33 per cent of third quarter sales while total sales for the year to date increased by 2.9 per cent compared to the same period last year.