Card Factory revenues up 6.5%
Greeting cards retailer Card Factory saw its total sales climb by 6.5% in its first quarter although footfall was down in its stores.
The retailer said an overall reduction in footfall offset continuing growth in average spend, with first quarter like-for-like sales growth softer than levels recently achieved. In line with the guidance given in its preliminary results announcement in April, Card Factory said it is continuing to target full year like-for-like sales growth within the range of 1.4% to 3.2%.
Total online revenue growth for the quarter was in excess of 10%. Revenue growth from the new Card Factory website was strong, albeit from a small base.
Card Factory’s new store opening programme continued with 20 net new stores launched in the period. This brought the total estate to 834 stores at 30 April 2016. The retailer said it remains on track to deliver approximately 50 net new stores in the current financial year.
Karen Hubbard, Card Factory’s recently installed chief executive, said: “Following our record performance last year, we have had a reasonable start to the year.
“Whilst not completely immune to the weaker consuamer confidence seen in 2016, the market for greetings cards in the UK has proven highly resilient in the past and our unrivalled value offer will continue to appeal to a broad range of customers.
“We remain confident of making further progress this year as we continue to expand our store portfolio and further improve our in store and online proposition. Overall, our expectations for the year remain unchanged.”
