Card retailer swings to big loss
By Sarah Wood | 10th June 2021
Card Factory has recorded losses of over £14 million for the year to 31st January.
The gift and card retailer, which has stores in Cheltenham, Gloucester, Stroud, Cirencester and Tewkesbury, saw sales hit hard after store closures during lockdowns.
It suffered a statutory pre-tax loss of £14.6 million over the year, compared to a £65.2 million profit the previous year, as reported by Retail Gazette.
Total sales for the year fell 36.9 per cent to £285.1 million. This was partly offset by a 135.3 per cent increase in online sales during the pandemic.
The retailer is now confident it can move forward, building on its strong platform.
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