CLINTON Cards slumped into the red yesterday after poor returns from the Birthdays chain it acquired last December.
The group blamed the tough retail environment for its disappointing showing as losses for the six months to July 31 stood at £12.2m, against profits of £3.6m a year earlier.
Sales at Clintons and Birthdays fell by about 1.5 per cent, with the Clintons chain recording losses of £2.4m and Birthdays losing £8m.
The company said the Birthdays chain of 488 stores had taken longer to restructure and reposition than expected, but said that it had been encouraged by recent trading, with sales from the division up 5.4 per cent in the 12 weeks to October 23. Trading at the Clintons chain fell 3.1 per cent.
Chairman Don Lewin said: "The next few weeks leading up to Christmas are not easy to predict but we are confident about our Christmas offering in both brands."
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