(Alliance News) - Card Factory PLC on Monday said store sales have recovered almost back to pre-pandemic levels, while online sales remain ahead of where they were two years ago.
The retailer of greeting cards based in Wakefield, West Yorkshire said that like-for-like sales in the three months that ended October 31 were 3.0% below two years ago, before the Covid-19 pandemic. Average basket value over the quarter was up 23% compared to the same quarter in 2019, offsetting a 21% decline in transaction numbers.
Card Factory its online store is trading in line with expectations and ahead of pre-pandemic levels, with strong performance by Getting Personal making up for a reduction in sales for cardfactory.co.uk.
Customers are responding well to Card Factory's Christmas range, it said, prompting an expedited introduction of a third phase of Christmas cards and complementary products into 350 stores. The company is recruiting additional seasonal staff.
Some products sourced from Asia are suffering supply chain delays, but Card Factory said it has introduced contingency planning to minimise these.
Net debt has decreased 31% to GBP108.4 million on October 31 from GBP142.5 million a year before.
"We continue to see improved performance of the business as customers steadily return to shopping in stores," Chief Executive Darcy Willson-Rymer commented. "This gives us confidence as we engage to realise the refreshed strategy and build our omni-channel offering. We look forward to the future and the continued implementation of our strategy. We are confident that the group is well placed to take advantage of the growth opportunities available to it."
Shares were up 6.2% and 52.14 pence on Monday morning in London.
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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Card Factory (CARD)