// Card Factory suffers statutory pre-tax loss of £14.6m in the year to January 31
// On an underlying basis, Card Factory posted a pre-tax loss of £15.2m
// Underlying EBITDA dropped by 62.7% to £47m
Card Factory has recorded losses of over £14 million in the year to January 31 after store closures during lockdowns decimated full-year sales.
The gift and cards retailer suffered a statutory pre-tax loss of £14.6 million during the period, compared to a £65.2 million profit the previous year.
On an underlying basis, Card Factory posted a pre-tax loss of £15.2 million, dropping from a £67.2 million profit the prior year.
READ MORE: Card Factory completes £225m refinancing
Underlying EBITDA dropped by 62.7 per cent to £47 million.
Card Factory said total revenues dropped 36.9 per cent to £285.1 million during the year, while like for likes rose by a mere 0.1 per cent.
Meanwhile, its online sales increased by a colossal 135.3 per cent during the pandemic.
“Since joining Card Factory in March 2021, I’ve been immensely encouraged by what I have seen and heard,” Card Factory chief executive, Darcy Willson-Rymer said.
“We have successfully reopened our entire store estate following the third lockdown and delivered a reassuring performance in stores, whilst maintaining online momentum.
“Our powerful brand and unique business model means we are well placed to respond positively to the changing retail environment and to unlock the inherent potential in this business.
“The recent refinancing provides sufficient resources for us to do that by building on our excellent platform to drive future growth. I am excited about the opportunities ahead.”
Card Factory chairman, Paul Moody added: “2020 was an unprecedented year for all businesses.
“For Card Factory in particular, key trading periods were significantly disrupted and a loss of over a third of the year’s revenue inevitably had a very material impact on our financial performance.
“There were some challenging times for all, but I’m delighted at how the business and our colleagues navigated the consequences of the pandemic, which reflects on the robustness of the business.
“Our colleagues responded with great resilience ensuring our customers still received great service.
“We worked closely with our many stakeholders – suppliers, landlords, banking partners and the government – to ensure that Card Factory can now confidently start to look forward to the future.
“I am certain that under Darcy’s leadership we will take Card Factory forward, building on the strong platform that is already in place and deliver for all our stakeholders.”