Card Factory meets expectations

CARD Factory today revealed that it was well-placed for further growth in the run-up to Christmas.

In its interim management statement, the Wakefield-based company said it had achieved positive growth in like-for-like sales from its store estate.

The company also said it had a strong pipeline of new store opportunities for the next financial year, with the further development of its complementary online division. It has also appointed Tim Lloyd as property director.

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In the statement, Card Factory said it continues to trade in line with the board’s expectations.

In the nine months ended October 31 2014, revenue increased by 8.7 per cent, driven by a combination of like-for-like sales growth, new store roll out and further growth in the online division. This growth rate is similar to that delivered in the nine months ended October 31 2013.

The statement said: “With 12 net new stores opened in the third quarter, a total of 48 net new stores have been opened in the year to date, bringing the total estate to 761 stores as at October 31 2014. We remain on track to deliver approximately 50 net new stores in the current financial year, and we remain confident of the potential to expand the store portfolio to up to 1,200 stores in total, for which we already have identified locations.

Looking ahead to our next financial year..the group has a strong pipeline of additional new store opportunities and we remain confident of successfully continuing our historic opening rate of approximately 50 net new stores per annum. Both our retail brands, Card Factory and Getting Personal (www.gettingpersonal.co.uk), are well prepared and positioned for the forthcoming Christmas trading period.”

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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.”

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