Clinton card shops warn on profits
Thursday 08 July 2010
Clinton Cards was forced yesterday to lower expectations for this year after weaker trading caused by the poor performance of its stores in Ireland.
Shares in the greetings cards retailer fell 7 per cent to 32.75p after it issued the warning.
Three months after telling investors it was on course for better-than-expected annual profits, Clinton revealed a deterioration in sales since May. It said total sales were behind expectations and added that adjusted profits from continuing operations in the year to the beginning of August were now likely to be similar to last year.
The company, which has about 860 stores under the Clinton Cards and Birthdays brands, said trading had been affected by the "disproportionately poor performance" in its 13 stores trading in Ireland.
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