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LONDON (Alliance News) - Card Factory PLC Thursday said its expectations for the full year remain unchanged after achieving growth in sales in the first nine months of its financial year.
The card and gifts retailer said total sales in the nine months ended October 31 grew 7.9%, although this wasn't as strong as the 8.7% sales growth it made in the comparative period a year earlier.
It said revenue was driven by a combination of like-for-like sales growth, new store roll-outs and further growth in its online activities. The company opened 45 net new stores in the period, giving it a total of 809 stores in the estate, and said it remains on track to open around 50 net new stores in the full year.
Card Factory said its online business, Getting Personal, demonstrated good levels of growth in the third quarter of the financial year, although it is now facing more challenging comparative figures having delivered 27% revenue growth in the second half of the prior year. It said that while it continues to target double digit revenue growth for the remainder of the year, it expects it be lower than the 25% sales rise achieved in the first half.
Card Factory added that the trial of its recently relaunched transactional website is ongoing and that it is pleased with progress to date.
"We have seen another period of consistent performance across the group as we continue to drive growth from existing and new stores, as well as our expanding online operations. We are well prepared for the important, competitive Christmas period, and remain confident of our ability to continue to increase market share whilst delivering on all four pillars of our growth strategy," Chief Executive Richard Hayes said in a statement.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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