Card Factory posts jump in full year profit
Card Factory has posted a jump in full year profit after it benefited from customers returning to its stores post-pandemic.
In the year to 31 January, pre-tax profit rose to £52.4 million from £11.1 million a year earlier, while EBITDA increased by 28.6% to £112 million after trading was underpinned by strong in-store sales.
While store sales rose by 7.6% on a like-for-like basis, online sales fell by 18.8% year-on-year, due to customers returning to the high street and the impact of Royal Mail strikes during the Christmas trading period. This meant that the group’s annual revenue climbed by 27.1% to £463.4 million.
Card Factory said its new ranges and value for money offer resonated well with customers and drove both store transactions and average basket values.
Darcy Willson-Rymer, Card Factory chief executive, said: “I have been incredibly pleased with our performance this year which has been ahead of expectations. These strong results reflect positive momentum across the business, including notable progress on our strategic growth initiatives, buoyed by the marked shift of customer spend back towards the high street.”
The company said trading in the first weeks of the new financial year has been “encouraging” and slightly ahead of expectations.
Willson-Rymer added: “Whilst remaining mindful of the ongoing impact of the cost-of-living crisis on our customers, we are confident that we are well positioned to make good progress in our transition to becoming the market leading omnichannel retailer of cards and gifts.”
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