// Card Factory revenue reaches £116.9m in the six months to July 31
// The retailer also cut its pre-tax losses, which came in at £6.5m
// Online sales rose by 50.2% versus the same period two years ago
Card Factory has recorded a revenue increase of 16.3 per cent to £116.9 million in the six months to July 31.
The gift and cards retailer also cut its pre-tax losses, which came in at £6.5 million compared to a loss of £22.2 million at the same time last year.
Card Factory’s online sales rose by 50.2 per cent versus the same period two years ago prior to the effects of the pandemic.
The company said the results were in line with expectations given the impact of ten weeks of store closures during lockdown.
Following the appointment of former Clintons Cards head Darcy Willson-Rymer as the company’s chief executive earlier this year, it has been reviewing its growth strategy and is now working to transform itself from a store led card retailer into an omnichannel retailer of cards and gifts.
“Whilst cards will remain the largest part of our business in terms of total contribution, we will substantially increase our focus on the complementary gifting and party markets, enhancing our customer offer and significantly increasing the size of our addressable market,” Willson-Rymer said.
“Although there remains some uncertainty about the speed of the post-pandemic market recovery in the short term, I firmly believe in both the resilience of the card and gifting markets and the fact that the majority of customer spend will remain in stores for the years to come.
“We look forward to successfully executing our strategy to transition Card Factory into a market leading omni-channel retailer of cards and gifts, delivering sustainable revenue and profit growth and driving value for all our stakeholders.”