Card Factory on track to meet profit expectations
Card Factory has said it expects its full year profits to be broadly in line with previous expectations despite a 0.3% fall in like-for-like sales in its third quarter.
However, the nine months to 31 October saw Card Factory’s like-for-like sales increase by 0.9%. In the same period, group revenue climbed by 5% following a 21.9% uplift in online sales.
Karen Hubbard, Card Factory’s chief executive, said: “I am pleased with our year-to-date performance. Our ongoing focus on customer experience, and the quality and range of our card and complementary non-card products, has led to an increased average spend both in stores and online. This has helped us to substantially offset the effect of the lower high street footfall experienced in the quarter and the corresponding impact on our like-for-like sales.”
Card Factory’s new agreement with Aldi to supply half of supermarket’s store estate is expected to be completed by the end of this month. In the third quarter, the retailer also opened 12 net new stores in the UK and Republic of Ireland.
Looking ahead, Hubbard added: “Our quality/value proposition and new product ranges give us confidence that we are well positioned to deliver a good performance in our key Q4 trading period. The board anticipates profits for the full year to be broadly in line with its previous expectations.”
