Card Factory group greets new year with sales boost
Retailer Card Factory hailed a good start to its financial year as it expanded the chain with another 19 stores on the high street.
The greetings card and gifts group, which has 32 stores in Northern Ireland, posted a 7.5% rise in revenues for its first quarter to April 30 thanks to a combination of like-for-like growth, new shop openings and online business.
Richard Hayes, chief executive of Card Factory, said the group had enjoyed a "positive start" to its new financial year. The sales growth marked a slight slowdown on the 8.5% reported a year earlier, but remained in line with growth for the previous six months.
The group did not report like-for-like sales growth, but said it remained "in the range targeted by management". Card Factory was valued at £766m when it floated on the London Stock Exchange last May. Its market capitalisation has increased by more than £380m, worth £1.15bn at yesterday's prices.