Clinton Cards sees profits halved

"Clinton Cards has extended its banking facilities after reporting a big drop in half-year profits.

Clinton reported a pre-tax profit of £12.6m for the 26 weeks to 1 February, down 46% from the £23.3m it made for the same period a year earlier.

A £12m loan which had been due to be repaid in November will now be repaid over an extended period up until January 2012.

The firm has been hit by the consumer downturn and store closures.

Clinton said it was trading from 70 fewer stores, compared with a year ago.

The group currently trades from 1,030 stores, comprising 695 Clinton stores and 335 Birthdays shops".

Source: BBC News