Card Factory ups guidance after ‘stronger than expected’ trading
Its strong performance was reportedly driven by stores, which have seen year to date like-for-like sales up 6.2% compared to the previous year
Card Factory has upped its FY23 guidance after “stronger than expected” trading in the second half of the year, with full-year EBITDA now expected to be £96m, up from a previous guidance of £88.8m.
According to the retailer, this EBITDA would approximate to profit-before-tax of £37.5m for the period.
Its strong performance was largely driven by stores, which have seen year to date like-for-like sales up 6.2% compared to the previous year, excluding periods of store closure.
Meanwhile, both its online business and commercial partnerships were said to be performing in line with expectations.
In its latest update, the group noted Christmas is a peak trading period for the business, and said it has been “encouraged” by the start to this season with sales marginally ahead of expectations.
It added that internationally sourced seasonal stocks have been landed in the UK, with a significant proportion already delivered to store.
