18th Jun 2014 08:56
LONDON (Alliance News) - Greeting cards retailer Card Factory PLC said like-for-like sales were up in the four months to end-May, while it opened net 29 new stores, taking its total estate to 742 stores.
The company, which listed on the London Stock Exchange last month, said it remains confident that it will open about 50 net new stores in its current financial year. It didn't give a figure for the like-for-like sales increase.
In the prospectus for its initial public offering, the company had said it had opened an average of over 50 new stores a year over the past 10 years, and intended to expand its portfolio organically to up to 1,200 stores over the next 10 years, including up to 100 potential new stores in the Republic of Ireland.
"We have had a positive start to our current financial year, further developing our distinctive value proposition and continuing to deliver on our clear growth strategy. The board remains confident of the group's ability to further grow market share for the foreseeable future," Chief Executive Richard Hayes said in a statement.
Card Factory will announce its interim results for the six months ended July 31 in September.
Its shares were down 1% at 207 pence Wednesday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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