CARD FACTORY PLC The high street retailer yesterday posted a healthy revenue of £364.4m, representing 28 per cent growth, thanks to the steady recovery of stores following the easing of lockdown restrictions, alongside an online performance significantly ahead of pre-pandemic levels.
Store sales were up 33 per cent for the full year reflecting a 20 per cent increase in trading days and recovery in market share. The return of the party post-pandemic contributed to the success, with occasions like weddings boosting card sales. Store likefor-like sales for the Christmas season also recovered to near pre-pandemic levels.
However,
Nonetheless,
The retailer's share price saw a boost of almost six per cent yesterday.
Profit before tax hit £11.1m, ahead of management's expectations despite significant trading disruption and inflationary cost pressures.
Chief executive
"This year will see us make further progress in developing our customer proposition, through a broader product range and improved online experience, as part of our transition to a leading omnichannel retailer."
Looking forward, the card retailer said it has taken pre-emptive action to help mitigate the inflationary pressures it is seeing across the business and will continue to monitor and respond to developing macro environmental pressures.
Trading in the new financial year has been in line with expectations and is contributing to a continued recovery of market share.
(c) 2022 City A.M., source
