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Gloucestershire Business News

Card Factory warns of £10m loss

Gift card retailer Card Factory has said it is expecting losses of about £10m in its full-year results due to stores being closed due to the pandemic.

The High Street chain, with stores in Gloucester, Cheltenham, Stroud, Tewkesbury and Cirencester, revealed a 38.1 per cent decline in year-on-year store sales in the 11 months to December 31st 2020.

Despite Covid-19 forcing stores to close for 37 per cent of available trading days, the business' ecommerce arm performed strongly. Cardfactory.co.uk reported 137 per cent sales growth in like-for-like sales during the period, with gettingpersonal.co.uk achieving 10 per cent growth.

Card Factory said it expects to report full year revenue of around £284m, and a loss before tax of £10m.

"In a year, the like of which none of us have ever experienced before, I am hugely proud of the way in which the Card Factory family has risen to the many challenges faced and want to thank every colleague for their huge commitment," said executive chairman Paul Moody.

"I remain convinced that the Card Factory brand, and quality with value proposition, resonates strongly with customers. Despite the obvious uncertainties in the first half of 2021, I am confident that we have the opportunity to return the business to sustainable profitable growth and will do all that is necessary in the near term to ensure that we can maximise that opportunity."

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