Business

Clinton Cards suffers annual loss due to weak economy

BBC
Image caption Clinton Cards has suffered in the downturn

Struggling retailer Clinton Cards has said falling consumer confidence pushed it to a £10.7m loss in the year to 31 July.

The loss compares with a pre-tax profit of £11.97m in the previous year.

The company, which owns 596 Clinton Cards shops and 127 Birthdays shops, said like-for-like sales were down 2.9% and revenue down 8% to £364m.

The company said it had extended its credit facility with its banks through to 2013.

Clinton cards put its Birthdays Ireland business into liquidation in March.