Card retailer’s profits triple
By Sarah Wood | 5th May 2023
Value card retailer, Card Factory's, profits have more than tripled, thanks to shoppers returning to stores and a strong festive quarter.
The retailer, which has stores in Cheltenham, Gloucester, Tewkesbury, Stroud and Cirencester, saw pre-tax profits soar 368.5% to £52.4m in the 12 months to January 31, up from £11.1m the year before, as reported by Retail Gazette.
Sales increased 27.1% to £463.4m, which the retailer said was down to good store sales, its Everyday card ranges and strong trading through the Christmas season.
Like-for-like store sales were up 7.6%, while online sales fell 18.8%, due to customers preferring to shop in store and the impact of the postal strikes during the Christmas trading period.
The retailer said it believes it is in a good position to become the market leading omnichannel card retailer.
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