Thorntons cuts staff costs as profits fall 40 per cent
Thursday 19 February 2009
The “vast majority” of staff at Thorntons have taken up its offer of flexible working this year, the confectioner said yesterday, as it revealed that hefty pre-Christmas discounting had dragged down its interim profits by nearly 40 per cent.
Thorntons, which has more than 4,000 employees, said that most staff have had accepted one of its flexible working options, including sabbaticals, one week’s unpaid leave and working hours in line with peaks and troughs in store trade. The cost-cutting measures were revealed as Thorntons, which has 642 company-owned and franchise stores, posted interim pre-tax profits down 39 per cent to £7.3m for the |28 weeks ended 10 January.
Mike Davies, the chief executive, said: “The biggest impact on profits was the fact that we needed to discount and promote in the six to eight week period before Christmas.” The confectioner’s gross margin fell from 51.5 per cent to 49.2 per cent. Its retail like-for-like sales fell 3.7 per cent over the 28 weeks.
Thorton’s interim dividend was cut to 1.2p.
- 1 I've been called an abusive and dangerous parent, when all I did was listen to my transgender child
- 2 Migrant crisis: Greek soldier saved 20 people singlehandedly off Rhodes beach
- 3 Sofyen Belamouadden murder: The inside story of a crime that horrified Britain
- 4 Company breaks open Apple Watch to discover what it says is 'planned obsolescence'
- 5 Ian Brady: Moors murderer announces his support for Ukip and the SNP
Migrant crisis: Greek soldier saved 20 people singlehandedly off Rhodes beach
Russian hack of President Obama's emails worse than previously admitted
Ian Brady: Moors murderer announces his support for Ukip and the SNP
UK weather: Britain braced for snow as arctic air mass moves in
Nepal earthquake: US Pastor Tony Miano sparks outcry by suggesting Nepalis should not rebuild their 'pagan shrines'
General Election 2015: Chuka Umunna on the benefits of immigration, humility – and his leader Ed Miliband
The sickening truth about food banks that the Tories don't want you to know
Migrant boat disaster: Ukip candidate mocks victims in sickening Twitter post
Nigel Farage wants the BBC to stop making programmes like Doctor Who, Strictly Come Dancing, and Top Gear
Global warming: Scientists say temperatures could rise by 6C by 2100 and call for action ahead of UN meeting in Paris
General Election 2015: Britain would become a 'communist dictatorship' under Ed Miliband and Nicola Sturgeon, claims wife of Michael Gove
iJobs Money & Business
£24000 - £26000 per annum + benefits : Ashdown Group: A highly successful, glo...
£50000 - £55000 per annum: Ashdown Group: Business Analyst - Financial Service...
£18000 - £23000 per annum + OTE £45K: SThree: At SThree, we like to be differe...
£20000 - £25000 per annum + competitive: SThree: Did you know? SThree is the o...