Thorntons has drafted in experienced retailer Kevin Hart to head up its struggling retail arm.
Hart joined this week as director of retail and will immediately be tasked with reversing the fortunes of the own-stores division, which this week posted a 6.2% fall in fourth-quarter sales year-on-year to £17.5m.
He has been chosen for his extensive small format retail and franchise experience, with his previous roles including trading director at Alldays, and stints with McColl and Lyndale Bakeries. His high-street experience has also taken in a spell with Stanley Betting, although his most recent role was with home repairs firm ReactFast.
"Kevin has been recruited to strengthen the senior management team within our own-stores retail business," said a spokesman for Thorntons. "He has extensive small format retail and franchise experience."
Hart's appearance at Thorntons' head office could not be more timely, as it continues its search for a retailer-savvy CEO following the unceremonious departure of Mike Davies in May. Davies' retirement was announced in the same week that Thorntons posted a profit warning, prompting a 12% fall in its shares to a nine-month low of 87.6p. His lack of retail experience was cited as the motivating force for his decision to leave.
This week Thorntons shares fell even further, to 82p, as the chocolatier delivered another set of disappointing figures. Sales of Thorntons-branded chocolates including sales through other retailers grew by 4.7% to more than £212m in the year to 26 June, but sales through its own stores tumbled 3.6% to £129.8m.
Sales to its franchise stores fell even more sharply, down 14.7% to £13m, although Thorntons Direct offered cheer as consumers logged on to generate sales of £9.2m, up 15.4% on the previous year.
The retailer also admitted that it was carrying out a staff restructuring programme at its head office in an effort to cut costs. The restructuring will lead to the loss of 35 jobs over the next three months.
Hart joined this week as director of retail and will immediately be tasked with reversing the fortunes of the own-stores division, which this week posted a 6.2% fall in fourth-quarter sales year-on-year to £17.5m.
He has been chosen for his extensive small format retail and franchise experience, with his previous roles including trading director at Alldays, and stints with McColl and Lyndale Bakeries. His high-street experience has also taken in a spell with Stanley Betting, although his most recent role was with home repairs firm ReactFast.
"Kevin has been recruited to strengthen the senior management team within our own-stores retail business," said a spokesman for Thorntons. "He has extensive small format retail and franchise experience."
Hart's appearance at Thorntons' head office could not be more timely, as it continues its search for a retailer-savvy CEO following the unceremonious departure of Mike Davies in May. Davies' retirement was announced in the same week that Thorntons posted a profit warning, prompting a 12% fall in its shares to a nine-month low of 87.6p. His lack of retail experience was cited as the motivating force for his decision to leave.
This week Thorntons shares fell even further, to 82p, as the chocolatier delivered another set of disappointing figures. Sales of Thorntons-branded chocolates including sales through other retailers grew by 4.7% to more than £212m in the year to 26 June, but sales through its own stores tumbled 3.6% to £129.8m.
Sales to its franchise stores fell even more sharply, down 14.7% to £13m, although Thorntons Direct offered cheer as consumers logged on to generate sales of £9.2m, up 15.4% on the previous year.
The retailer also admitted that it was carrying out a staff restructuring programme at its head office in an effort to cut costs. The restructuring will lead to the loss of 35 jobs over the next three months.
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