Card Factory raises profit guidance following strong Christmas sales

Card Factory has raised its profit guidance following better than expected sales over Christmas.

Sales for the 11 months to 31 December 2022 rose to £432.6 million compared with £337.3 million in the same period the previous year.

While in-store sales were up seven per cent, online sales were down 27 per cent year-on-year. The retailer attributed the drop in sales to the Royal Mail postal strikes and customers returning to the High Street.

Card Factory predicts that its annual earnings for the full year of 2022 will be around £106 million, a difference of £10 million compared to previous predictions.

The company said demand for its Christmas ranges remained strong, with confectionary and pocket money toys the highest growing categories.

Commenting on the news Darcy Willson-Rymer, chief executive at Card Factory, said: "With delivery of our growth strategy progressing well, it is great to see some of the benefits from this work starting to come through in our financial performance.”

He added: “I'd like to thank all our colleagues who have supported these changes and worked tirelessly over the important Christmas trading period."

Card Factory reported revenue of £198 million in its half-year report ended 31 July – a near 70 per cent increase from £116.9 million in the same period of 2021.

The half-year report also noted that the company had successfully completed refinancing providing liquidity headroom to deliver strategy.

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