Speakers from Touchstone Exploration, Shanta Gold, Savannah Resources and Kavango Resources feature in our Natural Resources webinar on May 25th. Please register here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksCard Factory Share News (CARD)

Share Price Information for Card Factory (CARD)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 90.80
Bid: 89.70
Ask: 90.60
Change: -3.80 (-4.02%)
Spread: 0.90 (1.00%)
Open: 93.00
High: 93.10
Low: 88.60
Yest. Close: 94.60
CARD Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

RNS Alerts are a premium feature

Login to your account

myTerminal is a premium feature

Login to your account

Don't have an account? Click here to register.

Card Factory sees sales halve in wake of Covid-19 pandemic

Tue, 28th Jul 2020 08:34

(Sharecast News) - Card Factory expects sales to have nearly halved in the wake of the Covid-19 pandemic, although sales since reopening began had performed ahead of expectations.

The company forecast that aggregate revenues for the fist half of its 2021 financial year ending on 31 July would come in at approximately £100.0m, against £195.6m seen during the previous year.

Yet in a trading update ahead of its Capital Markets Day presentation, the company also said that as of 24 July 1,015 of its 1,018 stores had reopened.

Like-for-like sales at its stores since reopening began on 15 June were down 21.6%, but that was a far better outcome than the halving in revenues it had anticipated in the first month of reopening.

Similarly, while in-store transactions had dropped, average spend had jumped 24.9%.

Online sales at both cardfactory.co.uk and gettingpersonal.co.uk continued to exceed previous year's sales too.

Digital like-for-like sales were up 68.9% for the present financial year to 19 July, were 120.7% higher during the 2-week period of store closures, which ran from 23 March to 14 June, and until 19 July were up 60.5%.

Linked to the above, the new cardfactory.co.uk website was launched on 2 July.

The company's management also highlighted that important seasons, including Father's Day and Easter had been "materially affected", while since reopening, there was "understandable reduced demand" for 'Thank You Teacher', Wedding and Children's Party ranges.

At £144.2m, its net debt position was better than anticipated by management, which expected the firm to remain within its revised banking covenants, having carefully managed its costs, cash and creditors.

Among the latter were about £24.7m in cost deferrals for rents, VAT and some agreed payments to suppliers.

Card Factory had also obtained £15.5m of funding under the Coronavirus job retention scheme and, if required, was eligible to issue commercial paper under the Covid Corporate Financing Facility, should it be required.

The company was nonetheless guarded on the outlook, telling shareholders that: "it is far too soon to determine whether initial trading reflects the release of pent-up demand following lockdown or the point at which consumer footfall and sales (both transactions and average spend) will settle to a sustainable level."

Management was scheduled to host a Capital Markets Day at 1400 BST on 28 July where, among other matters, it would discuss its financial goals for the 2025 financial year, including for annual sales of roughly £635.0m and underlying profits before tax of about £105.0m after accounting for its leases under IFRS 16.

Yet top on the list of concerns was likely to be the process of naming a new chief executive officer following the resignation of its previous boss, Karen Hubbard, justtwo days before.

As of 1207 BST, shares of Card Factory were 5.74% higher to 44.20p.



More News

SMALL-CAP WINNERS & LOSERS: Card Factory agrees refinance, trades well

SMALL-CAP WINNERS & LOSERS: Card Factory agrees refinance, trades well

30 Apr 21 10:52

Card Factory agrees refinancing terms; stores going well since reopen

Card Factory agrees refinancing terms; stores going well since reopen

30 Apr 21 10:29

Card Factory trades ahead of expectations since reopening storefront locations

(Sharecast News) - Greeting cards retailer Card Factory said on Friday that its trading performance following the reopening of its brick and mortar locations across the UK had exceeded expectations.

30 Apr 21 08:17

LONDON MARKET PRE-OPEN: Barclays, AstraZeneca post sharp profit rises

LONDON MARKET PRE-OPEN: Barclays, AstraZeneca post sharp profit rises

30 Apr 21 07:57

UK earnings, trading statements calendar - next 7 days

UK earnings, trading statements calendar - next 7 days

13 Apr 21 15:11

BROKER RATINGS: Citi raises Sage to Buy; Berenberg says hold Deliveroo

BROKER RATINGS: Citi raises Sage to Buy; Berenberg says hold Deliveroo

8 Apr 21 09:34

LONDON MARKET CLOSE: Stocks return from break in green on reopen plans

LONDON MARKET CLOSE: Stocks return from break in green on reopen plans

6 Apr 21 17:10

SMALL-CAP WINNERS & LOSERS: Vehicle firms up on UK car market figures

SMALL-CAP WINNERS & LOSERS: Vehicle firms up on UK car market figures

6 Apr 21 11:05

TRADING UPDATES: Aquis maiden full-year profit; Tern turns to profit

TRADING UPDATES: Aquis maiden full-year profit; Tern turns to profit

31 Mar 21 15:33

BROKER RATINGS: SocGen downgrades Pearson to Hold from Buy

BROKER RATINGS: SocGen downgrades Pearson to Hold from Buy

9 Mar 21 09:56

Card Factory in talks to raise funds from banks

(Sharecast News) - Card Factory is seeking to raise new funds from its banks to get it through the pandemic, according to a report.

8 Mar 21 08:04

Sunday newspaper round-up: Greensill, Card Factory, ITV

(Sharecast News) - Steel tycoon Sanjeev Gupta owes an estimated £4 billion to stricken Australian finance house Greensill and some of the world's biggest lenders. Analysis of the industrialist's spending and borrowing spree over several years reveals that he owes more than £3 billion alone to Greensill, the business that fuelled his growth spree but is now on the brink of administration. - Sunday Times

7 Mar 21 19:49

SMALL-CAP WINNERS & LOSERS: Norcros profit to beat market expectations

SMALL-CAP WINNERS & LOSERS: Norcros profit to beat market expectations

3 Mar 21 10:33

SMALL-CAP WINNERS & LOSERS: Robert Walters profit ahead of forecasts

SMALL-CAP WINNERS & LOSERS: Robert Walters profit ahead of forecasts

2 Mar 21 11:11

LONDON TRADING UPDATES: Castings Hails Return To Pre-Covid Levels

LONDON TRADING UPDATES: Castings Hails Return To Pre-Covid Levels

26 Feb 21 17:57

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.