CHOCOLATE retailer Thorntons today said profits will miss expectations after disappointing Easter sales at its high street stores.
The group said like-for-like shop sales were down 4.6% in the 14 weeks to April 17, greater than the 2.4% decline seen in the previous six months.
As well as disruption from severe weather conditions at the start of the period, Thorntons said that Easter trading overall was below plan.
It is taking a "cautious view" on the outlook for the remainder of the financial year, particularly as consumers remain focused on value in the uncertain economic environment.
Shares slumped 12% after Thorntons reduced its pre-tax profits guidance for the year to £7.5 million, compared with the City’s forecast of around £8.9 million.