Clinton Cards sees profits fall by 70%

London: Clinton Cards has warned it expects a further fall in sales after posting a 70% plunge in half-year profits.

The greetings card and gift retailer said the tough retail environment would continue to hit trade in 2011 and it expected a “low single digit percentage decline” in sales in the second half of the financial year.

The warning came as the retailer, which also owns the Birthdays brand, reported pre-tax profits of £11.7 million (€13.3m) in the 26 weeks to January 30, compared to £19.9m the previous year.