Clinton Cards blames Irish stores for profit warning

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The retailer says that since it last reported on May 13 it has "experienced weaker trading", and profits for the year will now be about the same as last year — £15.7 million.

The company, which has around 860 stores under the Clinton Cards and Birthdays brands, said trading had been impacted by the "disproportionately poor performance" in its 13 Irish stores.

Despite a subdued start to the second half of its financial year, Clinton upgraded its guidance in March after tight control of its cost base and an "encouraging" first six months of the period.

This led Numis Securities to raise its profits forecast for the full year from £13.7 million to £16 million, rising to £18 million the year after.