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Card Factory revenues up 8.7%

Greeting cards retailer Card Factory has reported that revenue increased by 8.7% in the nine months to 31 October driven by a combination of like-for-like sales growth, new store roll outs and growth in its online division.

GENERAL MERCHANDISE

Card Factory revenues up 8.7%

In a statement the company said that there had been ongoing positive growth in like-for-like sales from its existing store estate.

During the period, the company continued its new store roll out with the opening of 48 net new stores to bring the total estate to 761 at the end of the period. 

Card Factory said it is on track to deliver approximately 50 net new stores in the current financial year, adding that it remains confident of the potential to expand the store portfolio to up to a total of 1,200.

Richard Hayes, Card Factory’s chief executive, said: “The group continues to perform well with growth coming from the existing store estate and new store roll out programme as well as our smaller but developing online proposition.

“We continue to develop our product range and remain very focused on delivering a strong and clear value proposition to our customers.

“As we enter the important Christmas trading period, the group is well positioned for further growth and we look forward to updating investors on our progress in the New Year.”

Card Factory also announced that Tim Lloyd has been appointed as property director. Previously a partner at Fawcett Mead, Lloyd has worked with Card Factory since 2003 when the company had 40 stores.

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