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LONDON (Alliance News) - Card Factory PLC on Thursday reported increased sales in the first half of its financial year, although growth was slower than the prior year which it attributed to lower footfall and uncertainty surrounding the EU referendum.
The discount greeting card retailer said total sales in the six months ended July 31 rose by 4.8% year-on-year, although this was slower than the 8% growth achieved in the first half of the prior year. Like-for-like sales grew by 0.2%, compared with 2.8% the prior year.
Card Factory said sales growth in the half was softer than prior levels due to "variability" in retail footfall impacting weekly sales patterns, and noted uncertainty resulting from the EU referendum result.
It added that like-for-like sales were boosted by strong growth from the new cardfactory.co.uk website, while year-on-year sales performance at gettingpersonal.co.uk was flat, as lower visitor numbers offset improvements in average spend.
Card Factory opened 34 net new stores in the period, bringing the total estate to 848 stores, and the company plans to deliver around 50 net new stores in the full year, in advance of the Christmas season.
The company also noted that margin pressure resulting from the weaker pound following the Brexit vote has increased.
"It is too early to assess the precise impact on overall consumer sentiment and retail footfall from the result of the EU referendum. However, we enter the second half with confidence in the quality and value of our offer, including our new Christmas range, and we will target improved sales growth in the second half," Chief Executive Karen Hubbard said in a statement.
"We remain as convinced as ever of the strong growth prospects for the business, and of our ability to deliver strong shareholder returns over the medium term. We are confident of delivering full year underlying profit before tax within the range of analysts' current expectations," she added.
Shares in Card Factory were trading down 5.4% at 303.00 pence on Thursday.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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