Card Factory sales boosted as shoppers embrace High Street

Card Factory has recorded a 27.1% full-year sales jump, with physical shops performing better than online for the retailer.

The company saw annual revenue reach £463.4 million in the year to January 31. Comparable sales growth was 6.7%.

Chief executive Darcy Willson-Rymer said: “These strong results reflect positive momentum across the business, including notable progress on our strategic growth initiatives, buoyed by the marked shift of customer spend back towards the high street.”

The chain said store revenue rose 7.6% on a like-for-like basis, “reflecting a return of customers to the high street, the success of our new ranges and our strong value for money proposition, alongside the successful implementation of targeted price increases”.

But sales on its website slumped 18.8% due to a combination of customers heading to shops and the impact of Royal Mail strikes during the Christmas trading period putting off some purchasers. However, the performance was still well above pre-pandemic times.

Pre-tax profits leapt to £52.4 million from £11.1 million, but that was in part due to one off benefits.

In the current financial year, Card Factory has seen encouraging trading slightly ahead of the board’s expectations.

The boss added: “Whilst remaining mindful of the ongoing impact of the cost of living crisis on our customers, we are confident that we are well positioned to make good progress in our transition to becoming the market leading omnichannel retailer of cards and gifts.”