27th May 2015 06:40
LONDON (Alliance News) - Greeting cards and gifts retailer Card Factory PLC on Wednesday affirmed its expectations for the full year to the end of January 2016 as it said like-for-like sales growth in the first quarter of its financial year was in line with targets.
FTSE 250-listed Card Factory said revenue in the first three months of its financial year to the end of April rose by 7.5%, slightly weaker than the 8.5% growth in the first quarter of its 2015 financial year, but flat on the growth seen in the second half of that financial year.
Like-for-like sales growth is on track with the company's expectations, though the company said more specific data on its like-for-like growth will only be provided in its half-year and full-year results.
The group said its new store opening programme continued on track in the quarter, with 19 net new stores opened in the quarter, compared to 22 in the same period a year earlier. The group had a total of 783 stores at the end of April. It said it remains on track to open 50 net new stores in the current financial year.
Card Factory also said its Getting Personal online arm has performed well, though it noted it will face tougher comparatives in the second half of the year. Despite that, it said the overall performance of the division remains robust.
In addition, Card Factory said is remains a highly cash generative business and said it expects to return capital to its shareholders towards the end of the current financial year.
It will publish half-year results for the six months to the end of July on September 22.
"Following on from our record performance last year, we have had a positive start to our new financial year, with consistently strong revenue growth and cash generation and I remain confident that the group will achieve the board's expectations for the full financial year," said Chief Executive Richard Hayes.
By Sam Unsted; [email protected]; @SamUAtAlliance
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