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Card Factory has swung to a half-year loss after Covid-19’s economic downturn affected its trading.
The retailer saw a £22m statutory pre-tax loss in the six months to 31 July, against the £24.3m profit reported last year.
Sales dropped by 48.6% to £100.5m during the six-month period and like-for-like sales in the UK and Ireland were down 4.4%.
However, Card Factory announced “strong” online sales with like-for-like revenue growing by 64.4% due to increased demand.
Paul Moody, Card Factory’s executive chairman, said: ‘‘I am extremely proud of all colleagues working across every part of our business for the significant contribution they have made throughout this period of unprecedented disruption.
‘‘The combination of our unique customer insight, vertically integrated business model and market leading position continues to ensure that we are well positioned to meet the increased online demand, supply our commercial partners and to present the optimum ranges in our stores.’’
