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Card Factory says strong Christmas period boosts sales

16th Jan 2024 09:13

(Alliance News) - Card Factory PLC on Tuesday said 2023 pretax profit is expected to be at the top of the range of market expectations amid "positive momentum" across the business.

The Wakefield, West Yorkshire-based greeting cards and gifting firm said in the 11 months to December 31, it booked sales of GBP476.9 million, up 10% from GBP432.6 million a year earlier.

The retailer noted a strong Christmas trading performance, with like-for-like store revenue growing 7.8% in November and December.

"This was driven by the increased number of transactions and increased average basket value; targeted price increases enacted in the prior year had fully annualised before the Christmas period," Card Factory said.

Looking ahead, the current range of market expectations for financial 2024 adjusted pretax profit is GBP58.4 million to GBP62.0 million. For financial 2023 ended January 31, the company had reported a pretax profit of GBP52.4 million.

Chief Executive Darcy Willson-Rymer said: "We are pleased to have delivered a strong performance over the Christmas period, further demonstrating the progress we are making on our strategic growth initiatives. Our value and quality proposition continues to resonate with customers at a time when value for money is as important as ever. Even during challenging times, consumers want to celebrate key life moments, and this was reflected in the positive performance that we saw in the Christmas trading period and throughout the year to date."

Shares in Card Factory fell 5.7% to 101.66 pence each in London on Tuesday morning.

By Sabrina Penty, Alliance News reporter

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