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Gloucestershire Business News

Card Factory store revenue rises over 80 per cent

Card Factory has reported a "strong performance" after customers shifted their spend back to the high street.

The greeting cards retailer recorded a revenue growth of 4.1 per cent for the six months ended 31 July.

Store revenue grew 81.8 per cent while online sales were down year-on-year as customers returned to the high street.

Darcy Willson-Rymer, chief executive officer, commented: "We are pleased to report a strong performance through the half which reflects continued good momentum within the business, as well as the reversal of lockdown trends with customers choosing to return to the high street.

"The pronounced shift in spend back towards stores supports our continued conviction in the value of our store estate within our customer proposition and as an enabler in our omnichannel ambitions.

"During the half, we have made good strategic progress as we focus on evolving our customer proposition across different channels and taking it to new markets. 

"The inflationary pressures we are all facing are well known. However, the pre-emptive actions we have taken, such as the fixing of energy costs until September 2024 and targeted price increases, have helped to offset these.

"Despite these ongoing challenges, we remain confident that our customers will continue to want to celebrate life's moments and that value for money is increasingly important to them. Card Factory offers great value for money across a range of products and price points, and our experience so far this year confirms how well this resonates with consumers.

"Whilst we remain mindful of the challenging economic backdrop as we head towards the Christmas season, we feel well placed to navigate this and retain our focus on transitioning Card Factory to a market leading omnichannel retailer of cards and gifts."

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