Card Factory profits jump 368.5% to £52.4m
The company also posted an EBITDA of £112.0m which was a 28.6% increase compared with the £85.6m posted last year
Card Factory has seen its profit before tax rise 368.5% to £52.4m, up from £11.1m, for the year ended 31 January 2023.
The company also revealed that its revenues rose 27% to £463.4m, up from £364.4m last year, for the same period.
Alongside this increase store revenue grew 7.6% on a like for like basis, reflecting a return of customers to the high street.
However, online sales dropped 18.8% year-on-year, due to a combination of customers returning to the high street and the impact of Royal Mail strikes during the Christmas trading period.
The company also posted an EBITDA of £112.0m which was a 28.6% increase compared with the £85.6m posted last year.
Darcy Willson-Rymer, CEO, said: “I have been incredibly pleased with our performance this year which has been ahead of expectations. These strong results reflect positive momentum across the business, including notable progress on our strategic growth initiatives, buoyed by the marked shift of customer spend back towards the high street.
“Revenue growth has been underpinned by a strong performance of store-based sales and Everyday card ranges, alongside strong trading through the Christmas season, with new ranges and our compelling value for money offer clearly resonating with customers, driving both store transactions and average basket values.”
He added: “Proactive measures that we put in place to manage the inflationary pressures faced in the year, coupled with our strengthening financial position, have underpinned positive progress on our strategic priorities.
“Whilst remaining mindful of the ongoing impact of the cost of living crisis on our customers, we are confident that we are well positioned to make good progress in our transition to becoming the market leading omni channel retailer of cards and gifts.”
