Clinton Cards reports loss
Clinton Cards, the struggling card and gift retailer, reported a pre-tax loss of £10.7 million last year compared with a £12 million profit in the previous year.
Like-for-like sales in the year to 31 July fell 2.9% although performance in the first 12 weeks of the current financial year improved slightly by falling 1.5% on the same period last year.
Sales in the Clinton branded shops declined by 1.5%, while sales at the Birthdays outlets fell by 1.3%.
The company said its new chief executive Darcy Wilson-Rymer, the former managing director Starbucks UK and Ireland, was conducting a strategic review of the business. The early focus will be to improve the in-store customer experience, the store portfolio, supply chain management and the retailer’s digital offering.
Chairman Don Lewin said: "Our business is continuing to evolve and, benefiting from a strengthened management team, we are embarking on a series of initiatives to improve the group's performance. Together these represent important steps both in our ability to continue to meet the changing needs of our customers and to ensure that we establish a solid platform for driving investor returns.
"My main focus will be to continue to work with the Board to transform the business so that the foundations are established for realising commercial success, enabling Clintons to prosper in a rapidly changing retail landscape."
The group operates 596 Clinton Cards stores and 127 Birthdays outlets, employing around 8,350 people.
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