Card Factory sees profits rise by 73%

Card Factory has announced a rise in profits following increased investment into its stores.

The retailer said that pre-tax profits for the first six months of the year had risen by around 73 per cent to £24.7 million compared to £14.3 million over the same time period last year.

Store sales grew by around ten per cent, which Card Factory attributed to improved store layouts. However, online sales over the time period dropped by around 13 per cent, with the retailer blaming this on the “rebalancing of online/offline retail sales across the sector”.

The company opened 11 new stores across the UK and Ireland in the first half of the year and also formed new partnerships with Matalan.

Over the same period, the retailer also completed the purchase of SA Greetings in South Africa as part of plans to expand sales in the country.

Additionally, Card Factory says it plans to open four stores in Abu Dhabi and Dubai.

“Our value and quality proposition and the strength of our store estate resonates with customers and positions us well to navigate the challenging economic backdrop in the run up to the Christmas trading season,” said Card Factory’s chief executive Darcy Willson-Rymer. “Continued leveraging of the insights gathered from our investment in customer data is enabling us to evolve and optimise our store formats and ranges across cards, gifts and celebration essentials, all underpinned by our discipline in maintaining a resilient financial position.”

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