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Card Factory posts buoyant trading despite ‘uncertain’ macro backdrop

Card Factory has reported buoyant trading in the first half of the year, despite an “uncertain macro backdrop”.

In the six months ended 31 January 2023, the greeting card retailer reported profit before tax of £52.4 million compared with £11.1 million in the same period last year.

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Underlying profits in the period were £112 million, up 28.6% from £85.6 million the year before.

Revenues increased by 6.7% from £364.4 million to £463.4 million from £364.4 million thanks to in-store-based sales, and a robust Christmas trading period.

The Top350 retailer said: “The macro backdrop continues to be uncertain, and there is still much to be delivered over the remainder of the year.

“Nevertheless, given the strength of the performance in the first half, together with our current outlook for the second half, the board now expects the full year outturn to be materially ahead of its previous expectations.​​​​​​​​​​​​​​”

The news comes as Top350 retailer‘s chief digital officer Sam Davies told InternetRetailing the importance of its omnichannel strategy.

He said: “Customers have clearly shown their appetite to continue shopping with us in our stores. Through our omnichannel propositions, we will leverage this opportunity to maximise our ability to serve our customers seamlessly online and offline.”

To read the full interview with Sam Davies about its “vital” omnichannel strategy, the launch of its click & collect service and future plans, click here. Card Factory has been ranked as a Top350 retailer in the RXUK Top500 Report 2023, click here to download.

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