Card Factory reports improved Christmas sales
Card Factory has reported that like-for-like store sales edged up 0.4% in the 11 months to 31 December as the greeting cards retailer enjoyed improved Christmas sales.
Total sales increased by 4.3% following the opening of 51 net new stores in the period which brought the total to 865.
The company said it achieved a good level of growth in the Christmas period with cumulative fourth quarter like-for-likes store sales returning to the historic range of 1% to 3% against a strong prior year comparative.
Karen Hubbard, Card Factory’s chief executive, said: “As I approach my first anniversary with the business, it is pleasing to report that Card Factory has traded well through the competitive Christmas trading period with customers once again responding well to our card and non-card ranges. As a result, like-for-like store sales in the fourth quarter of the financial year have returned to our expected range.
“Whilst all retailers will clearly face cost pressures in 2017, the proven strength of our retail proposition, underpinned as ever by our unique vertically integrated model, provides our business with significant competitive advantage.”
Card Factory has also announced Darren Bryant has informed the company that he wishes to retire from his position of chief financial officer after eight years with the business. He will continue in the role until a successor has been identified.
Geoff Cooper, Card Factory chairman, said: "Over the past eight years Darren has contributed significantly to the strategic development and sustained growth of the group.
“As our CFO, he successfully steered the company through its 2014 IPO and, after such an intense period of activity, we understand his wish to retire. We are extremely grateful for all he has done and, when he steps down, it will be with our very best wishes for the future."
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