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Price cuts hit Thorntons profits Price cuts hit Thorntons profits
(20 minutes later)
Thorntons has reported a 39% fall in half-year profits after it was forced to cut prices in response to the tough conditions on the High Street.Thorntons has reported a 39% fall in half-year profits after it was forced to cut prices in response to the tough conditions on the High Street.
The chocolate retailer made a pre-tax profit of £7.3m in the 28 weeks to 10 January, down from £11.9m for the same period a year earlier.The chocolate retailer made a pre-tax profit of £7.3m in the 28 weeks to 10 January, down from £11.9m for the same period a year earlier.
Revenues were up 1.3% to £128.4m. The company said it was continuing its efforts to reduce costs.Revenues were up 1.3% to £128.4m. The company said it was continuing its efforts to reduce costs.
Thorntons said it would emerge from the recession as a stronger business.Thorntons said it would emerge from the recession as a stronger business.
'Rapid market decline'
The firm said like-for-like sales - which excludes new shop openings - at its company-owned stores fell during the six months, but did not give an exact figure.
Total sales at the franchise outlets were up 3.7%.
"Profit was adversely affected by increased promotional activity in response to rapid market decline during the second quarter," said Thorntons chief executive Mike Davies.
"With prudent cost management, product innovation, and keeping customers at the forefront of our thinking, I am confident that we will emerge from the current conditions a stronger, more profitable business."
Thorntons has 381 company-owned stores, and a further 261 franchised outlets.