‘Robust’ H1 performance for Card Factory despite Brexit planning impact
Greetings card retailer Card Factory has announced a ‘good’ first half of the year despite “economic and political uncertainty and weaker consumer confidence”.
According to its latest trading update, the firm has seen a sales growth of 5.5 per cent, with like-for-like sales increased by 1.5 per cent, in what it has called a “robust sales performance in a challenging consumer environment”.
H1 saw the firm open 26 net new UK stores - one more than the same period in the previous year - bringing the total UK store network to 991 stores.
In the update, Card Factory maintained it has made ‘good’ progress with its business efficiency programme, but added that it has incurred additional costs related to the storage of increased stock levels, including preparation for the potential impact of Brexit.
Karen Hubbard, Card Factory’s chief executive officer, commented: “Our quality and value proposition continues to resonate well with customers - reflected by the good performance of our seasonal ranges in the first half of the year.
“We continue to work hard at making sure we have the right ranges at the right prices for our customers, in the store and online. Alongside that, we remain focused on our important commercial and business efficiency initiatives - all of which will make Card Factory a much stronger business for the long term.
“Looking forward to the forthcoming key Q4 trading period, which will have a significant impact on the outturn for the full year, we believe we have the right ranges and products to deliver a good performance; although, we are cognisant of the economic and political uncertainty and weaker consumer confidence.”
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