Embattled retailer Clinton Cards today said plunging consumer confidence and a lack of shoppers on the high street pushed it to a £10.7m loss last year.

The greetings card and gift chain, which owns 596 Clintons stores and 127 Birthdays stores, fell into the red in the year to July 31 after recording pre-tax profits of £11.97m the previous year.

Clinton, which put its Irish business into liquidation in the period, said like-for-like sales were down 2.9% as customers reined in their spending, with revenue falling 8% to £364m.

But there was some cheer as the company revealed it had agreed to extend its credit facility with its banks until July 2013.