Clinton Cards is launching a loyalty card in June in an attempt to win customers in a difficult market after group pre-tax profit slumped from £20m to £12m in the first half to January 30.
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Group managing director Clinton Lewin said the retailer was yet to finalise details, but it was likely to be based on a points for pounds spent model.
Lewin said he was disappointed at the profit fall and blamed a poor Halloween and Valentine’s Day. However, he said the whole market was down. “There is less confidence on the high street,” Lewin said.
Group revenue declined from £223m to £207m and like-for-likes slipped 2.7%
Lewin said Clinton was looking at ways of delivering higher returns, by downsizing some stores, re-gearing leases and relocating stores.
Clintons relaunched its website today and will open a new store format in the coming months.
Analyst Andy Wade of house broker Numis said the results were below expectations but noted: “Although Clinton faces challenges, we expect the business to see benefits from its redesigned website and new store concept.”