Card Factory opens 30 new stores after successful start to the year

10 August 2017

Card Factory, the Wakefield-headquartered specialist retailer of greeting cards, dressings and gifts, has reported a “strong sales performance” for the six months ending 31st July 2017.

The retailer’s like-for-like sales grew by 3.1%, and underlying group sales saw a rise of 6.7%.

Total reported sales also experienced a 6.1% increase, reflecting the impact of one extra trading day in the prior year.

In the first half of the year, Card Factory opened 30 net new UK stores, which brings the total UK estate to 895 stores as at 31 July 2017.

The retailer says that it remains on track to deliver approximately 50 new UK stores in the current financial year, including an increased number of retail park stores.

Card Factory’s Getting Personal business returned to growth with sales up by 5%, which was achieved by recruiting a new senior team who are now targeting revenue growth for the full year of 10%.

Karen Hubbard, Card Factory’s Chief Executive Officer, said: “It is pleasing to report that the strong sales performance highlighted in our Q1 announcement has continued into the second quarter, delivering a very good first half both in terms of overall and like-for-like store sales.

“Our store expansion programme remains on track and we are pleased with the performance of this year’s openings, including strong sales from the increased proportion of openings in retail parks.

“The Board’s expectations for the full financial year remain unchanged and I look forward to providing a further update with our half year results next month.”

Original article source Bdaily