22nd Jan 2015 07:55
LONDON (Alliance News) - Card Factory PLC on Thursday said it is trading in line with its expectations for the year on the back of a rise in revenue in the first eleven months as like-for-like sales rose despite strong comparables.
Card Factory said for the 11 months to the end of December, revenue rose 8.1%. Like-for-like sales rose 1.8%, despite a strong comparable for last year when like-for-like sales increased 3.1%.
The FTSE 250-listed cards and gifts retailer said the like-for-like performance was driven in part by its localised pricing strategies, particularly in the final quarter.
The group has opened 51 new stores in the year to date, bringing its total estate to 764 stores. It said its store pipeline is robust for its next financial year, starting February 1, and said it expects to maintain its target of opening at least 50 new stores per year.
The group said is is highly cash generative and said it expects its net debt to significant reduce for the year to January 31, with net debt to be at the low end of market guidance.
Card Factory said it will post its full-year results on March 25.
"With only a few days of our financial year remaining, it is pleasing to report that the group continues to perform well, has had a solid Christmas trading period, and is on course to deliver sales growth at a similar level to the previous year," said Card Factory Chief Executive Officer Richard Hayes.
By Sam Unsted; [email protected]; @SamUAtAlliance
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