Clinton Cards posts half-year loss
Friday 30 March 2012
The chief executive of Clinton Cards said he was "disappointed" with the recent rise in stamp prices yesterday as the greetings card retailer unveiled a half-year loss.
Royal Mail will raise the price of first and second-class stamps by more than 30 per cent to 60p and 50p from 30 April. Darcy Willson-Rymer, who joined Clinton in October, said it "was not the right thing to do". But he is "comforted" that British people on average still sending 51 cards a year – the highest per head in the world.
The group, which operates 628 Clintons shops, was dragged down by its Birthdays discount chain, which delivered an operating loss of £4.4m over the 26 weeks to 29 January. The loss at the 139-store chain explains why Clinton put Birthdays up for sale this month.
GA Europe, the retail restructuring specialist, is reported to be monitoring the situation at Birthdays. Clinton Cards posted a loss of £3.67m over the half year, on revenues down by 5 per cent to £197.2m. Like-for-like sales fell 1.1 per cent.
Don Lewin, its founder and chairman, will step down on 31 July.
- 1 The difference between a migrant and refugee, in one sentence
- 2 Miley Cyrus calls out hypocrisy of women’s nipples being taboo
- 3 Celebrity Big Brother 2015: Tila Tequila kicked off show after 'describing Hitler as a good man'
- 4 iPhone 5c to be discontinued, no iPhone 6c to replace it
The difference between a migrant and refugee, in one sentence
Spain accused of 'provocation' after letting Russian submarine refuel off Gibraltar
Allonautilus scrobiculatus: World's 'rarest' creature spotted for only the third time ever
Miley Cyrus calls out hypocrisy of women’s nipples being taboo
Celebrity Big Brother 2015: Tila Tequila kicked off show after 'describing Hitler as a good man'
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
Labour leadership: Jeremy Corbyn accused of 'deluding' young supporters with 'claptrap'
'Women only' train carriages: Jeremy Corbyn unveils radical move to tackle public harassment
Black holes are a passage to another universe, says Stephen Hawking
Iain Duncan Smith 'should resign over disability benefit death figures', says Jeremy Corbyn
Iain Duncan Smith calls for urgent ESA overhaul as part of drive to cut down welfare costs
iJobs Money & Business
£25000 - £30000 per annum: Recruitment Genius: From modest beginnings the comp...
£35000 - £40000 per annum: Recruitment Genius: From modest beginnings the comp...
£15000 - £65000 per annum: Recruitment Genius: This is an exciting opportunity...
£18000 - £20000 per annum: Recruitment Genius: This is a fantastic opportunity...