There has been a meltdown in Thorntons' share price after it admitted that a series of problems ahead of Christmas will result in annual profits being down on last year.
The chocolate specialist's statement to the stock exchange on Tuesday morning spoke of a number of "challenges" which had "adversely affected its sales performance."
The announcement sparked a slump in the company's value of up to 35% when the stock market opened.
The festive season is the key trading period for all retailers in the UK and Thorntons said that while its retail division - its own shops - were showing like-for-like sales growth, its commercial channel was likely to deliver a fall in sales in the second quarter.
The company said it had "experienced a significant reduction in previously indicated orders from the major grocers who also took in stock later than anticipated."
The trading update also pointed to problems with its new centralised warehouse in Derbyshire, admitting they had resulted in disruption to customers.
"In particular in our UK commercial channel we experienced lost and late sales with consequent missed promotional slots and re-orders.
Our warehousing and distribution is now working normally," the statement added.
The company has, in recent years, shifted its focus from own-stores towards placing products in supermarkets and other retail outlets.
Its store closure programme was aimed at halving its presence to around 180 shops, with its commercial business now making up to half its revenue.
The company, which has shed almost 500 jobs over the past four years, still employs almost 4,000 people and made a pre-tax profit of £5.97m in its last financial year.
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