Big losses for card retailer
By Sarah Wood | 29th September 2020
Value card retailer, Card Factory, has swung to a half-year loss, as a result of the coronavirus pandemic.
The retailer, which has stores in Gloucester, Cheltenham, Stroud and Tewkesbury, saw a £22.2 million pre-tax loss in the six months to 31st July, compared to a £24.3 million profit during the same period in 2019, as reported by Retail Gazette.
Sales fell by 48.6 per cent to £100.5 million during the six-month period, as a result of store closures during lockdown.
The fall in in-store sales was partly offset by a strong online performance, with a 64.4 per cent growth in online sales during the period.
Since reopening, the retailer is pleased with the performance of its stores and feedback from customers, who it says are listing less frequently, but spending more.
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