Card Factory’s sales rise by 8.7%

CARD Factory’s sales have continued to increase in 2014 after a further 48 new stores were opened and it bolstered its online presence.

An interim management statement for the nine months to the end of October revealed that the company’s revenues have increased by 8.7%.

The Wakefield-founded business made its debut on the London Stock Exchange recently valued at £766m.

The company said that it remains on track to deliver approximately 50 new stores in the current financial year.

In addition, it “remains confident of the potential to expand the store portfolio to up to 1,200 stores in total, for which we already have identified locations”.

Richard Hayes, Card Factory’s chief executive, added: “The group continues to perform well with growth coming from the existing store estate and new store roll out programme as well as our smaller but developing online proposition.

“We continue to develop our product range and remain very focused on delivering a strong and clear value proposition to our customers.

“As we enter the important Christmas trading period, the group is well positioned for further growth and we look forward to updating investors on our progress in the New Year.”

With 12 net new stores opened in the third quarter of 2014, a total of 48 net new stores have been opened in the year to date, bringing the total estate to 761 stores as at October 31.

Hayes believes that the company will also open a further 50 stores next year.