Deathwatch: Clinton Cards report nasty losses
Just as looks as though GAME might be saved in some form, Clinton Cards has shuffled into the spotlight as the next contender for the High Street chop. The fancy-pants card retailer has reported a pre-tax loss of £3.7m for the six months to the end of January. A year ago, the results showed a profit of £11.7m for the same period.
The official excuse involves stuff about weaker margins as a result of clearing old stock in the January sales and increased sales of lower margin gifts and blah blah blah. ‘We’re flogging you more tat’ might be the underlying message here.
But don’t worry, because Clinton are undertaking a strategic review and have a new chief executive and everything will be okay. “The outlook for the second half of the current year is below our previous expectations but the changes we are undertaking to the business will deliver significant benefits in future years," said Darcy Willson-Rymer, who took over in October. He added that: “the legacy of the business cycle means that significant impact will only begin to come through from the end of the second half of the financial year."
Yeah, good luck with that, mate.