Greetings card retailer Clintons has confirmed it plans to continue investing in upgrading its stores in response to a recent fall in sales.
The company revealed in its latest trading statement that like-for-like sales were down by 2.4 per cent year-on-year during the 16 weeks to November 20. Sales at its Clinton-branded outlets fell by 2.6 per cent, while Birthdays-branded shops experienced a decline of 1.4 per cent.
However, Clintons has attempted to arrest the recent decline by renewing its credit facilities and overhauling its stores, with a number of outlets refurbished and relocated. Since the start of the current financial year on August 1, the firm has opened two new shops – although 24 others have closed their doors for good.
“Flattening the peaks of cyclical working capital requirements will facilitate the group's ambition to invest in its store portfolio,” Clintons stated. “We have recently completed the modernisation of a further three stores applying the successes of the four test stores refitted as a result of the rebranding exercise started in 2010.”
The announcement came after the British Retail Consortium called on chancellor George Osborne to support the retail industry by cancelling scheduled tax hikes.
