Clinton in slim profit rise but tough times ahead

CLINTON Cards posted a three per cent rise in full-year adjusted pre-tax profit helped by its namesake brand, but remained cautious about weak consumer spending due to frail economic environment.

In the 10 weeks of the new financial year, same-store sales at its Clinton brand fell 3.9 per cent. Total group like-for-like sales declined 2.9 per cent for the 10-week period, said Clinton, which also operates the Birthdays brand -- acquired in June last year.
“We remain cautious about the economic climate and its effect on consumer spending ahead of the important Christmas trading period,” chairman Don Lewin said in a statement. For the year ended 1 August adjusted pre-tax profit was £13.3m compared with £12.9m a year ago. Revenue rose 16 per cent to £400m. Shares of the company have lost a quarter of their value since the start of the year.