Card Factory, the country's largest, independent gift and greetings card retailer, has recorded an 8% increase in revenues for the first half of the year.
During the interim period, which ended 31st July 2015, Card Factory opened up 36 new stores, bringing its total estate to 800. According to a statement released by the company this morning, they are on track for another fifty openings this year.
“It is encouraging to report another strong set of interim results with growth in both revenue and profit,” said CEO Richard Hayes.
“We continue to deliver on each of our four growth pillars: growing like-for-like sales, rolling out new
stores, delivering business efficiencies and growing our online businesses.”
Getting Personal, the brand that represents the bulk of Card Factory’s online business, enjoyed a revenue increase of 24.9% to £6.9m. Additionally, the Card Factory transactional website has been relaunched after a hiatus.
“On the downside, and like UK business more generally, higher costs as a result of the new national living wage are being faced, whilst foreign exchange headwinds, given the pricing of many group products in US dollars, continue to be battled,” comments Keith Bowman, Equity Analyst at Hargreaves Lansdown Stockbrokers commented:
However, he complemented on Card Factory’s current and long term success. The retailer has achieved like-for-like sales growth over the last five financial years and is continuing to improve. As it gains traction, the company remains “firmly on the radar for investors.”