Greetings card group Clinton Cards is relying on the crucial Christmas season for some relief after suffering dire trading.
The retailer revealed that like-for-likes plunged by 6 per cent at group level in the 16 weeks to November 16. The fall was 7.1 per cent at eponymous stores and 2.5 per cent at sister chain Birthdays.
Clinton Cards reported: “Trading remains very challenging and clearly reflects the current harsh economic conditions, which are affecting so many businesses. As always, the forthcoming Christmas period will be an important time.”
Singer Capital Markets analyst Matthew McEachran said: “If sales trends do not improve the downgrade to forecasts could be substantial.”
Numis analyst Nick Coulter said: “While the group is yet to trade through its key Christmas period we prudently assume that the current trends are sustained through the remainder [of the year] to revise our pre-tax profit forecast from£10 million to£2 million.”
Clinton Cards reported: “Trading remains very challenging and clearly reflects the current harsh economic conditions, which are affecting so many businesses. As always, the forthcoming Christmas period will be an important time.”
Singer Capital Markets analyst Matthew McEachran said: “If sales trends do not improve the downgrade to forecasts could be substantial.”
Numis analyst Nick Coulter said: “While the group is yet to trade through its key Christmas period we prudently assume that the current trends are sustained through the remainder [of the year] to revise our pre-tax profit forecast from£10 million to£2 million.”
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