Card Factory has revealed an improvement in like-for-likes in the four months to May 31 in its first trading update to the City since it floated on the stock exchange.

The value greetings card retailer did not give a figure for its like-for-like improvement.

The retailer opened 29 net new stores in the period, bringing the total store estate to 742. It plans to open 50 more stores in the current financial year.

Card Factory chief executive Richard Hayes said: “We have had a positive start to our current financial year, further developing our distinctive value proposition and continuing to deliver on our clear growth strategy. The board remains confident of the group’s ability to further grow market share for the foreseeable future.”

Card Factory floated on the stock exchange in May. At the beginning of this month it completed the refinancing of its existing senior bank facilities. The new senior bank facilities include a £180m term loan facility and a £20m revolving facility, both with a five-year maturity.

Card Factory had net debt of approximately £160m on May 20 when it listed on the stock exchange representing about 2x underlying EBITDA for the year ended January 31, 2014. Card Factory said the financial position of the group has not changed materially since.

Topics