Clinton Cards, a UK-based greeting cards retailer, has reported a net profit before tax of GBP12.57m for the 26-weeks ended February 1, 2009, compared to GBP23.27m for the 26-weeks ended January 27, 2008.
Total group revenue for the 26-weeks ended February 1, 2009 was GBP243.3m, compared with GBP256.9m for the 26-weeks ended January 27, 2008. This reduction was the result of trading from 70 fewer stores combined with the prevailing conditions on the high street and resultant lower footfall. Group like for like sales declined 5.2% from a total of 904 stores trading throughout both periods.
Clinton Cards has also said that the group’s bank facilities have been extended to January 2012.
Don Lewin, chairman of Clinton Cards, said: The certainty afforded to us by the successful renewal of our banking facilities underlines the support we enjoy from our lending banks, despite the demanding conditions on the high street. However, as a result of the general economic climate, consumer confidence remains gloomy and trading conditions continue to be challenging. Against this backdrop, visibility for the second half of the year remains uncertain and we will continue to manage the group accordingly.
