Hotel Chocolat said on Thursday 1 December it would cut back on discounts this holiday season as the British luxury chocolate maker swung to an annual loss on one-off charges due to US store closures and the restructuring of a Japanese joint venture.
"Our decisions to focus on full-price sales and quality over quantity, coupled with a resurgence of physical store performance means that we anticipate December will be busier than ever," it said in a statement.
The chocolatier said a majority of its Christmas gift range is priced between £2.50 and £8.50.
Hotel Chocolat posted a statutory loss of $9.4 million for fiscal 2022 that ended June 26, compared with a profit of £3.7 million a year earlier.
Underlying pretax profit came in at £21.7 million, on revenue of £226.1 million for the year.
Analysts are expecting a profit of £9.6 million on revenue of £236 million for fiscal 2023, according to a company-compiled consensus.
A "Prudent" Approach On Its Outlook
Hotel Chocolat said it was adopting a "prudent" approach on its outlook for the year.