Like-for-like sales up for Card Factory
Its interim management statement for the period from 1 February 2014 to date (its first trading update to the City since it floated on the stock exchangein May), reveals the group continues to trade in line with the board's expectations.
The specialist retailer of greeting cards continued its new store roll out with 29 net new stores opened in the period. This brought the total estate to 742 stores as of 31 May 2014.
The company says it has a strong pipeline of additional new store opportunities and remains confident of opening a total of approximately 50 net new stores in the current financial year in line with historic opening rates.
Crad Factory has opened an average of over 50 new stores per year over the past 10 years and intends to continue to expand its store portfolio organically to up to 1,200 stores in total over the next 10 years, including up to 100 potential new stores in the Republic of Ireland.
Richard Hayes, Card Factory's chief executive, said,"We have had a positive start to our current financial year, further developing our distinctive value proposition and continuing to deliver on our clear growth strategy. The Board remains confident of the Group's ability to further grow market share for the foreseeable future."
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