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Card Factory has reported a 6.4% rise in total group sales during the first quarter of the year thanks to what it has called a “positive start to the year” despite “challenging consumer sentiment and negative footfall on the high street”.
During the first quarter ending 30 April 2019 Card Factory also saw like-for-like sales increase by 2.3%. Although the retailer did say the increase in part reflected “the weakness in the comparator period”.
Additionally, the company opened 14 net new UK stores in the quarter bringing its total estate to 979 stores across the UK and ROI. It also said it remained on track to open approximately 50 net new stores in the current financial year.
Despite the positive start Card Factory remained cautious on its outlook for the rest of the year, citing the “uncertain macro outlook and the continuation of challenging consumer conditions. Consequently its board said it expects LFL sales for the year to be marginally positive, with full year profit expectations to be flat.
Karen Hubbard, CEO, said: “We have had a positive start to the year with like-for-like sales growth despite challenging consumer sentiment and negative footfall on the high street. We have seen a good customer reaction to our seasonal card ranges over the quarter, with yet again record card sales in volumes and value for both Valentine’s Day and Mother’s Day.
“We continue to improve the range and quality of card and non-card options. Our store opening programme remains on track and we are pleased with the performance of recent openings. Overall, Card Factory remains in a strong position, continuing to grow market share, with lessening cost headwinds and a platform for medium term growth.”
