Bright future prospects for Card Factory as revenues and profits climb

Wakefield-headquartered greetings cards and gifts retailer, Card Factory, has reported a revenue rise of 10% and strong growth across its business as it releases its preliminary results for the year ended 31 January 2024.

Revenues reached £510.9m (FY 2023: £463.4m) with pre-tax profits up to £65.6m (FY 2023: £52.4m). EBITDA for the full year grew to £122.6m (FY2023: £112m).

Darcy Willson-Rymer, chief executive officer, said: “I am delighted with the progress we have made through the year which would not have been achieved without the commitment and efforts of our colleagues. 

“Now, three years into our ‘Opening our New Future Strategy’, Card Factory is financially and operationally a much stronger business.

“This means that we are able to both reinstate the dividend and invest in the future, while effectively navigating the ongoing economic environment.

“We have confidence in our strong value and quality customer proposition, and remain on track for both this financial year and for achieving our FY27 targets outlined at our Capital Markets Day in May last year.”

The retailer adds its total store revenue grew 8.7% compared to the prior year with 26 net new store openings during the period, growing its total UK & Ireland estate to 1,058 stores at year end.

It points to a strong seasonal performance across the year, in particular its festive offer across cards and an expanded gifting offer.

Card Factory says it remains confident in its long-term growth opportunities, and in its ability to deliver on medium-term ambitions of £650m of sales, profit before tax margins of 14% and 90 net new stores by the end of FY27.