// Card Factory sales rise in the second half as Brits return to its stores
// Like-for-like sales rose 6.2% during the period largely driven by its stores
Card Factory half-year sales have jumped as shoppers return to its stores. The retailer now expects profits for the year to come in ahead of expectations.
The specialist retailer said trading in the second half has been stronger than expected, particularly across its everyday ranges.
Like-for-like sales rose 6.2% during the period largely driven by its stores, compared to the previous year. This figure excludes periods of store closure in the previous year.
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Meanwhile, Card Factory’s partnerships and online business continue to perform in line with expectations.
Card Factory said it has been encouraged by the start to peak Christmas trading period with sales marginally ahead of expectations.
The board now believes that EBITDA for FY23 will be at least £96 million versus current consensus of £88.8 million.
Earlier this year, Card Factory defended its price increases as it shifted its focus to selling cards at “the right value for money”.
CEO Darcy Willson-Rymer told Retail Gazette that pricing was an “underutilised lever” before he joined last year.
While Card Factory continues to sell 29p cards – its entry price point from 25 years ago – its exit price point of £2.49 has increased to £2.99.
