Thorntons sees further sales decline.

Thorntons has said that the sales decline had deepened in recent weeks as it announced a head office jobs cull to reduce costs.

For the year to 26 June 2010 sales of Thorntons branded product excluding private label grew by 4.7% but declined slightly in the final quarter by 1.1%. Overall Company sales for the final quarter declined by 4.1% to £26.8 million.

Own Store sales declined by 6.2% to £17.5 million and like for like sales declined by 6.0%. As announced in May, Own Stores sales have continued to experience like for like sales declines, in part due to higher than anticipated discounting of excess stocks, which have now been cleared.

Franchise sales increased by 20.2% to £1.6 million during the quarter as the prior year was impacted by the effect of the Birthday stores going in to administration. The number of franchisees at the end of the period was 222 compared to 197 last year

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