Online business and new stores pay off for Card Factory

Card Factory sees profit rise.
Card Factory sees profit rise.
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British greeting cards retailer, Card Factory reported a 8.9 per cent rise in full-year profit, helped by new store openings and growth in its online business.

The retailer, which went public in 2014, said underlying operating profit rose to £79.4m for the year ended January 31, from £72.9m a year earlier.

Revenue rose 8.1 per cent to £353.3m, while like-for-like store sales grew 1.8 per cent.

Card Factory said it faced increased competition in the second half of the year, particularly in the Christmas quarter, but was confident of future prospects.

Revenue at company’s personalised card and gift website, Getting Personal, rose more than 23 percent to £15.5m.

The company, which started operations in 1997, said it benefited from an in-house design team and printing facility.

Card factory said it was on track to add about 50 new stores this year to its nationwide chain of 764 stores.

Richard Hayes, chief executive officer, said: “It is pleasing to report another record year for Card Factory in terms of both revenue and profit.

“Our team has once again delivered on each element of our growth strategy, cementing our position as the UK’s leading specialist greeting cards retailer”

The company’s shares closed at 298p on Tuesday on the London Stock Exchange, valuing the business at about £1bn.