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High Street

Card Factory performance ‘exceeds’ expectations

Card Factory’s performance has “exceeded” initial expectations since the reopening of its estate, with like-for-like sales down only 21.6%, against its anticipated reduction of 50% in the first month of reopening. 

Despite a decline in in-store transactions, the average spend has increased by 24.9% since lockdown.

According to the group, online sales also exceeded sales from the year prior, with like-for-like sales rocketing 68.9% for the current year to 19 July 2020.

Online like-for-like sales soared by 120.7% during lockdown, and since stores began to reopen, were up by 60.5%.

In its latest trading update, Card Factory said its aggregate revenue for the half-year period ended 31 July 2020 is now expected to be around £100m, down from £195.6m the year prior, due to the material impact from store closures. 

Nonetheless, the group said it has “carefully” continued to manage costs, cash and creditors.

Its net debt is currently £144.2m, which is below its original forecast.

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