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Card Factory sales growth eases as gifts business struggles

Published: 03:50 13 Aug 2019 EDT

Card Factory - Card Factory sales growth eases as gifts business struggles
Card Factory wants to open a net fifty stores this year

Tough comparatives and lower sales at its personalised gifts operation have slowed greeting card retailer Card Factory PLC’s progress (LON:CARD).

Interim revenues rose by 5.5%, with Card Factory sales rising by 1.5% on a like-for-like basis, but that reflected a strong first quarter containing Valentine’s and Mother’s Day. 

The second three months was tougher and gifts business Getting Personal’s revenues dropped by 10.5%.

There were also additional costs for increased stock levels, which included preparation for the potential impact of Brexit.

Some 26 new stores opened on a net basis, which was in line with the annual target for 50 net new stores across the UK and Republic of Ireland.

Profits for the year to January will be broadly in line with expectations said chief executive Karen Hubbard.

The retailer will again pay a special dividend later this year after debt came in line with forecasts at £170mln. 

Trials within Aldi and The Reject Shop in Australia are still ongoing, said Hubbard, who added she was confident the ranges and products currently will generate a good performance in the important fourth quarter.

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