Interim Management Statement (9006S)

TIDMCC.

RNS Number : 9006S

Clinton Cards PLC

28 November 2011

28 November 2011

Clinton Cards PLC

("Clinton Cards" or "the Group")

Interim Management Statement

Since the beginning of our financial year on 1st August 2011, Clintons has opened two new stores on retail parks, relocated a further two and closed 10 resulting in 633 stores trading whilst Birthdays have disposed of 14 stores resulting in 142 stores trading.

The company recently renewed its GBP55m borrowing facilities. Peak borrowings this year were GBP42.7m which was GBP10.4m lower than last year's peak level, reflecting the on-going progress of cash management and controls. Flattening the peaks of cyclical working capital requirements will facilitate the Group's ambition to invest in its store portfolio.

In the 16 weeks to 20th November, Clintons like for like sales decreased by 2.6% and Birthdays by 1.4% resulting in Group like for like sales lower by 2.4%. During the last month we took the decision to convert seasonal Halloween stock to cash through a price led promotion strategy which was successful albeit at a reduced margin. We will explore further opportunities to replicate this approach in the post Christmas sales period to minimise seasonal carry forward stock levels.

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 Group will report on the important Christmas trading period on 5th January 2012 coinciding with its Annual General Meeting but remains mindful of the challenging retail environment and cautious consumer sentiment.

Ends

Enquiries:

Clinton Cards PLC 020 8502 3711

Darcy Willson-Rymer, Chief Executive Officer

Paul Salador, Group Finance Director

Speed Communications 020 7842 3200

Scott McLean

Weber Shandwick Financial 020 7067 0700

Nick Oborne / John Moriarty / Robert Cook

This information is provided by RNS

The company news service from the London Stock Exchange

END

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