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Card Factory grows revenues by 8.9%

Card Factory has reported strong growth in the six months to end July with revenues rising by 8.9% to £149.4 million.

GENERAL MERCHANDISE

Card Factory grows revenues by 8.9%

Card Factory has reported strong growth in the six months to end July with revenues rising by 8.9% to £149.4 million.

The greeting cards retailer, which floated on the London Stock Exchange in May, saw like-for-like sales rise by 2.6% in the period as it made further progress on all four pillars of its growth strategy.

While underlying operating profit rose by 9.3% to £26.1 million, the group reported a statutory loss before tax of £7.9 million after taking into account £22.8 million of non-underlying expenses relating mainly to its IPO and senior debt refinancing. Underlying EBITDA rose by 10.1% to £30.2 million.

During the period Card Factory introduced new merchandising initiatives and made improvements to the quality and range of both its card and non-card products. It also opened 36 net new stores to bring the total estate to 749 and is on track to deliver approximately 50 net new openings by the year end.

Card Factory chief executive Richard Hayes said: “Having completed our flotation on the London Stock Exchange earlier this year, it is pleasing to report a strong set of maiden interim results.  We continue to deliver on each of our four pillars of growth – growing like-for-like sales; rolling out new stores; delivering business efficiencies; and increasing our online business.

“The continued growth and further improvement in our retail proposition is particularly satisfying given that this was achieved during a period in which we completed the IPO process. We remain confident of the group's future prospects."

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