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Card Factory 'satisfied' with start to new financial year

By BFN News | 07:17 AM | Tuesday 16 April, 2019


Karen Hubbard, the boss of Card Factory, said she was 'satisfied' with the retailer's trading in the first two months of its new financial year, particularly around sales from Valentine's Day and Mother's Day. The company indicated it would pay a special dividend at the next set of half year results, albeit dependent on trading over the next few months. The news coincided with the publication of its full year results to 31 January 2019 where it saw a 3.3% increase in revenue to £436m. Underlying pre-tax profit fell by 7.3% to £74.6m. Like-for-like sales were essentially flat (-0.1%) in a market which saw widespread high street footfall decline. 'We delivered a robust performance for the year, maintaining flat like-for-like sales despite a tough consumer environment,' said Hubbard. 'Our focus has been on continual improvements to our customer offer, producing better, more innovative ranges of everyday and seasonal cards and maintaining our quality and value positioning, while also being more efficient and driving savings across the business. EBITDA for the year however, was impacted by lower footfall and Getting Personal's disappointing performance.' Underlying EBITDA fell by 4.9% to £89.4m. 'We continue to look to leverage our unique, vertically integrated model to improve our competitive advantage and drive margins,' added the CEO. 'We have further initiatives planned for the current year which will bring further production back to the UK, whilst also implementing additional plans that will allow an improved focus on customer service in store.' Story provided by StockMarketWire.com

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