Card Factory sales exceed expectations
By Sarah Wood | 29th July 2020
Despite an expected fall, sales at greetings card retailer Card Factory were above expectations, following the reopening of stores last month.
Like-for-like sales at the retailer, which has stores in Cheltenham, Gloucester, Tewkesbury, Cirencester and Stroud, were down 21.6 per cent, compared to an expected fall of 50 per cent.
Despite transactions decreasing since 2019, Card Factory's average spend has risen by 24.9 per cent since stores began reopening on 15th June, as reported by Retail Gazette.
Online sales soared during the coronavirus crisis, with like-for-likes up 68.9 per cent for the year to date. During lockdown, the retailer's online sales were up 120.7 per cent.
Card Factory expects revenue for the first six months of the year to 31st July to come in at around £100 million, 48.9 per cent down on last year's £195.6 million.
While the retailer is pleased with the performance, it doesn't yet know whether the rise in initial post-lockdown sales is as a result of pent-up demand.
Card Factory's ambitious plans for the future include expanding its share of the UK greeting card market to 45 per cent.
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