Card Factory announces “positive start” to the year
Card Factory has said it has seen a “positive start” to its financial year.
In the six months to the end of July, the greetings cards retailer said that trading was “materially ahead of the Board’s expectations”.
In a trading statement, Card Factory said: “The macro backdrop continues to be uncertain, and there is still much to be delivered over the remainder of the year. Nevertheless, given the strength of the performance in the first half, together with our current outlook for the second half, the Board now expects the full year outturn to be materially ahead of its’ previous expectations.”
Card Factory previously reported in May that its revenue for the year ending January 31 grew by 27.1% to £463.4m as more customers returned to stores post-Pandemic. The retailer’s pre-tax profit also increased to £52.4m from £11.1m the previous year.
Card Factory’s fortunes form a striking contrast to those of rival chain Clintons, which could lose a fifth of its stores as it looks to avoid insolvency.