Strategic expansion ambitions on track at Card Factory
Greetings cards and gifts retailer, Card Factory, says it has managed a resilient revenue performance in its interim results for the six months ended 31 July 2024.
The Wakefield-headquartered business has recorded group revenue of £233.8m in HY25, up by 5.9% (HY24 £220.8m) and pre-tax profits of £14m (HY24 £24.7m).
Darcy Willson-Rymer, chief executive officer, said: “We continue to deliver against our strategic priorities at pace thanks to the commitment and dedication of our colleagues.
“During the period, we continued to see strong performance across our growing store estate, with gifts and celebration essentials now a core driver of revenue growth, building on our strength in greetings cards.
“As we move into the second half of the year and the important Christmas trading period, our expectations for the full year are unchanged and we continue to focus on managing inflationary pressures within the business.
“Our strategic growth ambitions are underpinned by a robust balance sheet and strong cash flow, alongside our disciplined approach to managing working capital and focus on driving efficiencies and productivity across the business.”
Card Factory explains the fall in its pre-tax profits reflected substantial increases in the National Living Wage, plus freight inflation and phasing of strategic investments.
It notes the benefit of its strategic investments and programme of productivity measures and efficiency savings in FY25 are weighted to the second half of the year.
Outlining some of its post-period activity, the group notes it has secured a multi-year agreement with Aldi, in which Card Factory will be the exclusive everyday greeting card supplier across the full UK and Republic of Ireland estate.
And Card Factory’s entry into the US market has been secured through a nationwide wholesale retail partnership, which will roll out in time for Christmas.
