Thorntons boosted by turnaround progress

Chocolate retailer Thorntons insisted its turnaround plan still had some way to go today, despite reporting a better-than-expected rise in annual profits.

The 36% improvement to £7.1m (€10m) came as Thorntons benefited from new products and a drive to improve its store and online offerings.

Chief executive Mike Davies described the past year as significant but said the next year would be crucial in ensuring sustainable future growth.

He said: “Thorntons is an excellent business with many strengths but needs significant change to realise its potential. I am very encouraged by the positive response from our customers to the changes we have made so far. However, I am also acutely aware that we have only just started.”

The last financial year saw Thorntons introduce organic truffles and single origin chocolates, as well refresh it seasonal offerings with new products.

The majority of its store portfolio has also been refurbished, with 227 stores and cafes upgraded at a cost of £1.4m (€2m).