Card Factory announced its trading update for the quarter ended 30 April 2018 to coincide with its Annual General Meeting to be held later today (31 May).
Group sales grew +3%, with Card Factory’s like-for-like sales declining -0.4%, against strong comparatives and in a tough retail environment. The trading statement noted: “In the context of a tough trading environment for retailers, Card Factory’s total and like-for-like sales over the quarter represents a robust performance, reflecting the strength of our offer and the continuing work to re-design and refresh products, particularly in our seasonal card and gift ranges. Research continues to show these are appreciated and valued by consumers, relative to both discount and more expensive alternatives.”
The opening of 10 net new UK stores and 1 store in the Republic of Ireland brings the total estate to 925 stores in the UK, with a further 7 trial stores in the Republic of Ireland as at 30 April 2018. The planned delivery of approximately 50 net new stores in the current financial year includes a number of stores in retail parks, which continue to perform well.
Revenues from cardfactory.co.uk continue to grow strongly following a successful Q1. Customers are responding well to range expansion and new designs across card and non-card products, both personalised and non-personalised. Furthermore, Card Factory’s social media presence is maturing with growing communities and engagement across key platforms, with updated and refreshed creative, photography and landing pages.
Karen Hubbard, Card Factory’s ceo, said: “We have had a solid start to the year with further sales growth despite an ongoing sector trend of subdued footfall, which impacted the like-for-like performance. We have seen a good customer reaction to our seasonal products over the quarter, with record card volumes for both Valentine’s Day and Mother’s Day, as we continue to improve the range and quality of card and non-card options. Our store opening programme remains on track and we are pleased with the performance of this year’s openings.
