Card Factory recorded a total sales increase of 6.5% in its first quarter, yet footfall was down. Less store visits resulted in like-for-like growth being more gradual than its previous results.
Card Factory noted that its results are in line with its preliminary announcement in April. It continues to aim for full year like-for-like sales growth of 1.4% to 3.2%.
Online revenue improved significantly this quarter, being over 10%. Although small, the new Card Factory website proved to make a difference to total revenue growth.
Card Factory launched 20 new stores during its first quarter, bringing its total estate to 834 stores on 30 April. The greeting cards retailer noted that it is on course to open around 50 new stores by the end of the financial year.
“Following our record performance last year, we have had a reasonable start to the year” said Karen Hubbard, Card Factory’s new Chief Executive.
“Whilst not completely immune to the weaker consuamer confidence seen in 2016, the market for greetings cards in the UK has proven highly resilient in the past and our unrivalled value offer will continue to appeal to a broad range of customers.
“We remain confident of making further progress this year as we continue to expand our store portfolio and further improve our in store and online proposition. Overall, our expectations for the year remain unchanged.”
