Thorntons hits sticky patch

By THIS IS MONEY
Updated:

 

Chocolate and toffee makers Thorntons have hit a sticky patch as it warned full-year profits were unlikely to match last year's figures after weak trading.Thorntons warned it was 'unlikely to achieve current profit expectations for the year ending 28 June 2000, or indeed last year's level'.

Although underlying comparable sales in the run-up to Christmas and Valentine's Day were up, like-for-like sales during ordinary days remained weak, although they were improving.

A spokesman said: 'This, together with investments into new products would lead to lower-than-expected profits. Initiatives, including further new products, are in process and we are confident this will contribute to day-to-day sales growth, but not sufficient in this year to recover the likely profit shortfall.' Shares immediately dived 7% - off 10p to 137 1/2 p.

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