Card Factory profits soar 25% amid strong store trading
On a like-for-like basis, store revenues grew 7.7%, which the group said reflected the development of its store layout, customer experience and ranges
Card Factory has welcomed a strong year of trading, as pre-tax profit soared 25% to £65.6m in FY24, largely boosted by its store performances.Over the period, revenues rose by 10.3% to £510.9m, with total store revenue up by 8.7%, including contribution from 26 net new store openings during the year.
On a like-for-like basis, store revenues grew 7.7%, which the group said reflected the development of its store layout, customer experience and ranges, as well as annualisation of targeted price increases.
Elsewhere, online sales were up 0.4% on a like-for-like basis, with a particularly strong performance in the second half, while sales from partnerships hit £17m.
The group has also reinstated its dividend, with the board recommending 4.5p per share for FY24, following the repayment of its CLBILS and Term Loan A.
CEO Darcy Willson-Rymer 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’, cardfactory 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.”
He added: “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.”
