The retailer posted an increase of 1.6 per cent at Clintons and 3.1 per cent at Birthdays. However, at its preliminaries on October 9, it revealed that like-for-likes were higher at both chains – 2 per cent at Clintons and 4.8 per cent at Birthdays – indicating a subsequent slowdown.
Numis analyst Jose Marco said: “The news on current trading is not particularly encouraging, but it is still better than that of many other retailers.
“Much of the earnings growth will come from the closure of loss-making Birthdays stores and, given that it [cards] is a low-ticket purchase, it should be better insulated from a slowdown in the consumer environment than many other retailers,” he said.
Landsbanki analyst Mark Photiades said: “The group has a strong position in the specialist market, but still faces significant competition from the supermarkets and generalists such as WHSmith and Woolworths.”
The retailer remained confident about Christmas trading.
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