Card Factory reports surge in profit
Card Factory has posted a strong uplift in half-year sales and profit following a robust performance in its stores.
In the six months to 31 July, revenue increased by 11.5% to £220.8 million while adjusted pre-tax profit surged by 104.6% to £22.1 million.
Card Factory said a 10.5% uplift in like-for-like store sales was a reflection of its value and quality proposition, store range and layout developments, and the annualisation of price increases.
However, online like-for-like sales were down 13.1% in the period.
Darcy Willson-Rymer, chief executive of Card Factory, said: “Our value and quality proposition and the strength of our store estate resonates with customers and positions us well to navigate the challenging economic backdrop in the run-up to the Christmas trading season.
“Continued leveraging of the insights gathered from our investment in customer data is enabling us to evolve and optimise our store formats and ranges across cards, gifts and celebration essentials, all underpinned by our discipline in maintaining a resilient financial position.”
Card Factory said trading since August has been in line with expectations which means the retailer is confident in delivering a “good outturn” for the year.
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