Companies: CC.   

High street retail chain Clinton Cards continues to play its hand very nicely, managing to increase pre-tax profits 27% to £24.9m in the 53 weeks to 2 February, on turnover boosted 9% to £368.8m. 27 new stores were opened during the year, while like-for-like sales moved up an impressive 4.2%. Despite widespread fears about consumer spending declines, that trend has continued, with the ten weeks since the year-end seeing a further 3.9% rise in like-for-likes. Managing director Clinton Lewin puts this down to a greater proportion of larger stores, 'which tend to become destination stores on the High Street', adding that 'there is more room, a more comfortable shopping environment and people tend to spend more.' But, as well as representing a good business story, Clinton presents a compelling investment case. Earnings per share of 23.4p put the company on a historic p/e of only 7.6, not bad for a venture with minimal debt. Moreover, the shares yield 4.7%. Clinton now operates from 699 stores, and plans to increase the number of larger sites, as well as improving its range ('nothing startlingly new', says Lewin) and is looking to reach 1000 stores by 2010.