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Card Factory's online business helps profits and sales

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Marking its first set of full-year results since its debut on the stock market last May, Card Factory has today posted its preliminary results.

The British greeting cards retailer has reported further progress on “all four pillars of the Group’s growth strategy” including like-for-like sales growth in existing stores (of 1.8%), a continuing new store roll out (51 net new stores opened this year with a strong pipeline of further opportunities for next year) and development of complementary online sales channels. The card company saw an “excellent” year of growth in the latter, relatively small but fast growing area. Revenue for the retailer’s personalised card and gift website, Getting Personal, rose more than 23% to £15.5m.

The retailer recorded slightly lower like-for-likes during the second half of its year, due to “selective localised pricing strategies, ongoing expected decline in the lower margin Christmas-box card segment and competitor promotions”.

Commenting on the first results since Card Factory’s IPO, Chief Executive Officer Richard Hayes 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. Our unique, vertically integrated model remains a real point of difference and a source of long-term competitive advantage in what is a very resilient market.

Overall, we are in an excellent position and we remain confident of our future prospects. We will continue to strongly defend our market leading position, whilst maintaining our focus on delivering best-in-class margins.”

Published on Wednesday 25 March by Veebs Sabharwal

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