Card Factory in-store sales better than expected
Card Factory has said in-store sales have exceeded expectations since its stores reopened after lockdown on 15 June.
Like-for-like sales have declined by 21.6% compared to an anticipated 50% reduction in the first month of reopening. While the number of in-store transactions have been down due to lower footfall levels, customers’ average spend has climbed by 24.9% in the period.
The retailer said online sales at its Card Factory and Getting Personal websites were up 120.7% when stores were closed from 23 March to 14 June 2020. After stores started to reopen, online like-for-like sales climbed by 60.5% in the subsequent weeks to 19 July.
Aggregate revenue for the six months to 31 July is expected to be approximately £100 million compared to £195.6 million in the same period last year. Card Factory said it lost out due to Father’s Day and Easter taking place during the lockdown period. The retailer has also experienced reduced demand for ‘Thank You Teacher’, Wedding and Children’s Party ranges.
Card Factory currently has 1,015 of its 1,018 stores open and operating in accordance with Covid secure guidelines.
Looking ahead, the company said: “The board is pleased with the trading performance since stores have reopened; however, it is far too soon to determine whether initial trading reflects the release of pent-up demand following lockdown or the point at which consumer footfall and sales (both transactions and average spend) will settle to a sustainable level.”
