Value card retailer, Card Factory, has reported a big drop in profits in its interim results.

The retailer, which has stores in Cheltenham, Gloucester, Tewkesbury, Stroud and Cirencester, saw pre-tax profit fall 46.4% to £7.5m for the six months to July 31, as reported by Retail Gazette.

This was despite sales increasing by 5.9% over the half, hitting £247.6m.

Total store revenues rose 2.9%, including the contribution of more than 30 net new shops.

Card Factory said its core store business 'performed positively' during the period and it had accelerated its digital strategy with the acquisition of online card business, Funky Pigeon. 

It said it is prepared for the peak trading season ahead, with new Christmas ranges and an expanded Halloween range.

Card Factory's expectations for the full year remain unchanged.