Friday, January 17, 2020

The Card Factory unaffected by declining footfall


The Card Factory has reported a growth in first half sales and profits amid a drop in high street footfall.

Pre-tax profits were up by 7.3 per cent to £27.6 million in the six months to July 31, with revenues also increasing by 4.8 per cent to £169.2 million. Like-for-like sales in the period grew by 0.2 per cent.

The retailer said this was a healthy growth, and scaled its estate up by 34 stores bringing the total to 848. 

An updated range of goods has also delivered consistent growth for the company in the first half.

RELATED: Card Factory celebrating record year

“We remain the clear leaders in our market, with a strong value proposition, a unique vertically integrated operating model, significant scale advantages, and industry-leading margins,” chief executive Karen Hubbard said.

“The potential for further growth – through like-for-like sales growth, further store roll-out and the full exploitation of our online channels – is exciting.

“We approach the important final quarter with confidence in the quality and value of our offer, including our new Christmas ranges, and remain confident of delivering full year underlying profit before tax within the range of expectations.”

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