Card Factory announced that its expectation for the full year remained unchanged, after its promising sales in the first nine months of the financial year.
The card and gifts retailer reported that, while numbers had dipped from the 8.7% sales growth in the previous year, total sales in the nine months ending 13 October grew by 7.9%.
Card Factory said that while it continues to target double figured revenue growth for the remainder of the year, it expects the pace to slow down, predicting the increase in sales to be inferior to the 25% it achieved in the first half.
However, the chain remains positive, claiming that revenue was driven by a combination of like-for-like sales growth, new store roll-outs and further growth in its online activities. It highlighted the encouraging progression of its recently relaunched transactional website.
The company now owns a total of 809 stores, of which 45 net new stores were opened in the most recent financial period, and 48 in the corresponding 12-month period.
“We have seen another period of consistent performance across the group as we continue to drive growth from existing and new stores, as well as our expanding online operations. We are well prepared for the important, competitive Christmas period, and remain confident of our ability to continue to increase market share whilst delivering on all four pillars of our growth strategy,” Chief Executive Richard Hayes said in a statement.
The false prediction that the greetings card market in the face of e-cards would collapse might have benefited Card Factory. With the UK spending close to £1.4bn a year, Card Factory continues to lift like-for-like sales every one of its 17 years since opening.
