Strong store performance boosts Card Factory

Pre-tax profit has grown by 25 per cent in the full-year results for listed gift card retailer Card Factory driven by a strong performance from its stores.

The company reported a profit before tax of £65.6m for the year ended 31 January 2024, up from £52.4m in 2022/23.

Revenue also increased by 10 per cent to £510.9m from £463.4m the previous year.

Total store revenue grew by 8.7 per cent, including contribution from 26 net new store openings during the period. Its total UK and Ireland estate stood at 1,058 stores at year end.

Online sales increased by 0.4 per cent on a like-for-like basis, with a particularly strong performance in the second half.

Card Factory reported a strong seasonal performance across the year, in particular over the festive period across cards and its expanded gifting offer.

During the year the group completed the acquisition of SA Greetings, which has provided a presence in the South Africa market.

The Card Factory board has also reinstated dividend payments, with 4.5p per share recommended for FY24.

Card Factory is targeting £650m of sales, profit before tax margins of 14 per cent and 90 net new stores by the end of FY27.

Darcy Willson-Rymer, chief executive at Wakefield-headquartered Card Factory, 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."

For more information and the source: Strong store performance boosts Card Factory | Insider Media