Store roll-out boosts revenue at The Card Factory

Card Factory, the specialist retailer of greeting cards, has delivered a rise in full year revenues after growing its store network.
Card Factory has delivered a rise in full year salesCard Factory has delivered a rise in full year sales
Card Factory has delivered a rise in full year sales

Total group revenue during the year ended January 31 2017 grew by 4.3 per cent to £398.2m, driven by growth in the Card Factory store network, the company said.

A total of 51 net new stores opened in the period, bringing the total estate to 865 at the year end.

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The company said it had a strong pipeline of further new store opportunities for this financial year. Profit before tax was £82.8m, a fall of 1.1 per cent compared with the previous year.

Karen Hubbard, the company’s chief executive, commented: “Having joined the group just over a year ago, I have undertaken a detailed strategic review of the business and I am confident that our existing, proven four pillar strategy is the right one to ensure future business growth.

“However, with the benefit of fresh eyes, I believe that within the four pillars there are additional opportunities to further strengthen the business for the longer term, and these will be prioritised in the year ahead.

“Over the last year, it is that established strategy which has allowed us to deliver a good performance in a challenging retail market. Our store LFL sales remained positive and our business continued to deliver best-in-class margins whilst remaining highly cash generative, allowing another 15p special dividend to be paid to shareholders in 2016.

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“Whilst the new financial year is only two months old and seasonal sales patterns are distorted by Easter and Mother’s Day falling three weeks later than last year, we are pleased with everyday like-for-like sales in the year to date. I look forward to providing a further trading update at our AGM in May.”

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