Clinton Cards has issued a profit warning and expects its full year profits to remain flat as the greetings card retailer is hit by weaker trading, particularly in Ireland.
Clinton Cards said that since its last update on May 13, the retailer has “experienced weaker trading” and that “as a result, the board now expects that the Group adjusted operating profit for continuing operations will be similar to last year”.
Total sales are expected to be about 2% behind the Board’s previous expectations, “impacted by the disproportionately poor performance in 13 stores trading in Southern Ireland”.
It added: “However, we continue to work with significant headroom across all of our banking covenants.”
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