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Card Factory sales at upper end of target in first quarter

Card Factory has reported that like-for-like sales growth in its first quarter was at the upper end of the target range of 1% to 3%.

GENERAL MERCHANDISE

Card Factory sales at upper end of target in first quarter

Card Factory has reported that like-for-like sales growth in its first quarter was at the upper end of the target range of 1% to 3%.

In a statement made to coincide with its AGM, the greeting cards retailer said underlying group sales growth was 6.1% on the basis of an equivalent number of trading days.

Including the impact of the one extra trading day in last year’s leap year, total reported first quarter revenue increased by 4.9%.

During the period, Card Factory opened 11 net new stores to bring the total estate to 876 shops. The company said it is on track to deliver approximately 50 net new stores in the current financial year.

It also revealed that its trial entry into the Republic of Ireland is progressing well, and it anticipates opening a small number of pilot stores later this year.

Karen Hubbard, Card Factory’s chief executive, said: “We have had a good start to the year with like-for-like store sales at the upper end of our targeted range. Our store opening programme remains on track and we are pleased with the performance of this year’s openings, including strong initial sales from the increased proportion of openings in retail parks.

“Overall, Card Factory remains in a really strong position with a significant number of additional opportunities to further improve the business in the months and years ahead.”

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