Sales slowdown clobbers Clinton
12 April 2012
CLINTON CARDS disappointed retail sector followers with news that underlying sales growth had slowed to 1.5% over the Christmas period, sending its shares 15p lower to 138 1/2p. This leaves like-for-like sales over the 48 weeks to 30 December ahead by 6.3%.
Clinton Lewin, managing director of the greetings cards group, said gift product sales had fallen by 5% over the period, offset by growth of 3.3% from its core paper products business. But margins on gifts improved thanks to higher prices.
Results from the 35 temporary calendar shops opened in the run-up to Christmas were 'pleasing' and the move will be repeated this year.
