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Friday 8th January 2010

CLINTON CARDS PLC

Christmas Trading Update

Clinton Cards PLC, the UK's market leading greeting card retailer, today reports on its trading performance for the Christmas period.

Like for like sales for the Clinton brand in the five weeks to 3rd January 2010 were 3.6% higher and, as a result, like for like sales for the 22 weeks to 3rd January 2010 were 3.5% higher.

The Birthdays brand performance continues to improve following the resolution of supply chain issues that continued to impact until late Autumn.  The Group's performance to date is in line with the Board's expectations and in line with previous guidance given to the City. 

Since the beginning of the financial period in August, we have opened 11 stores and closed 12 resulting in 860 trading currently. This comprises 676 Clinton stores and 184 Birthdays stores.

The £12m final instalment of the Group's loan debt was repaid yesterday, ahead of schedule.  The only remaining debt is the Group's working capital facility and, as previously stated, we continue to prioritise its reduction.

Don Lewin, Chairman commented: "We have performed well during the crucial Christmas period despite the adverse weather conditions effecting many of our stores. We expect 2010 to be another tough year but we believe we are well placed to meet the challenges."

ENDS

Enquiries:

Clinton Cards PLC	020 8502 3711
Don Lewin, OBE, Chairman
Clinton Lewin, Group Managing Director
Paul Salador, Group Finance Director
Weber Shandwick Financial	020 7067 0700
Nick Dibden / Terry Garrett / Katie Matthews

    

    

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