Hotel Chocolat strikes Hut Group deal in US as coronavirus hammers profits
Hotel Chocolat has struck a deal with The Hut Group’s Ingenuity technology arm to bolster its presence in the US after the retailer’s profits were hammered by the coronavirus crisis.
The chocolatier swung into the red during the 52 weeks to June 28, announcing a statutory pre-tax loss of £6.5m, compared with a £10.9m profit the previous year.
Stripping out the impact of exceptional costs, Hotel Chocolat’s pre-tax profit tumbled 83% to £2.4m, while underlying EBITDA fell 54% to £9.4m.
The retailer’s revenues rose 3% during the year to £136.3m, but dropped 14% during the second half of the year as a result of the coronavirus pandemic and the 12-week closure of its physical stores – impacting the crucial Easter period.
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