Card Factory sales ‘exceed expectations’ as it completes refinancing

The specialist retailer said that performance in stores has exceeded its own predictions and those realised from the end of previous lockdowns in the UK.

Card Factory recorded like-for-like store sales were down “marginally” compared with 2019 as shoppers returned to high streets.

It said that, to date, a rise in average transaction values offset the decline in footfall numbers, with customers shopping less frequently but buying more.

The retailer added that its Everyday Card and party ranges have performed particularly well.

As stores reopened, Card Factory has reported a slight dip in demand for its online business, but said that orders were still exceeding pre-pandemic levels.

Card Factory has also completed a refinancing, which will give the business an additional £225m liquidity to focus on its future growth strategies.

Chief executive Darcy Willson-Rymer said: “I am pleased we have secured increased banking facilities, which afford the group the headroom required to focus on realising the growth strategy. 

“In particular, enhancing our card-led proposition through all sales channels and accelerating the increase in our capability and capacity to fulfil sales demand via our online channel, and so capitalise upon the move to online adopted by more customers over the last year. 

“We welcome our colleagues and customers back into our stores, providing the quality ranges at competitive prices that our customers have missed while stores were closed. 

“As national restrictions are eased, we continue to prioritise providing a safe working and shopping environment in all our stores.

“The strong trading performance in our stores over the last few weeks reflects the extensive preparations to maximise meeting our customers’ needs completed by the wider Card Factory team.”