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Card Factory full year profit almost doubles

Greeting cards retailer Card Factory has seen its full year pre-tax profit almost double as it continues to expand its store portfolio and grow its market share.

GENERAL MERCHANDISE

Card Factory full year profit almost doubles

Greeting cards retailer Card Factory has seen its full year pre-tax profit almost double as it continues to expand its store portfolio and grow its market share.

In the year to 31 January, pre-tax profit rose to £83.7 million from £42.7 million in the previous year. Revenue climbed by 8% to £381.6 million as like-for-like sales in stores increased by 2.8%.

Richard Hayes, Card Factory’s outgoing chief executive, said: "This has been another excellent year for Card Factory. We have continued to expand our store portfolio and grow our market share, and our complementary online sales channels are progressing very well. We have maintained our industry-leading margins and believe that we are better placed than most to manage the increased cost pressures that our sector is facing.”

Card Factory said the strong sales performance was driven by a number of factors, including further improvements in the quality and range of card and non-card offerings, the benefits of a new EPOS system, new merchandising initiatives, and further market share gains as stores mature.

Single cards, Christmas boxed cards and non-card products all contributed to the like-for-like sales growth in Card Factory stores, as the retailer achieved a particularly strong performance in the non-card category after a number of new ranges were introduced.

Some 50 net new stores were opened in the year to bring the total estate to 814 stores at the year end.

In January Card Factory announced the appointment of Karen Hubbard as chief executive designate to succeed Hayes as chief executive in mid-April. Hayes will retire from the board and leave Card Factory at the end of June on the completion of a transition period.

Hayes added: “I am fortunate to have had the opportunity to lead Card Factory through an exciting period of growth and change. I would like, again, to welcome my successor Karen Hubbard, and to wish her and the team every success for the future."

 

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