- UK like-for-likes grew 5.9% in the five weeks to December 27 as total sales jumped 11.2% to £30m.
- The retailer sold 9 million greetings cards over the period, which chief executive Timothy Melgund said was down to an “anti-technology” movement by consumers.
- Paperchase, which provides US retailers Target and Staples with private-label greeting cards, is mulling opening standalone stores in North America this year.
A Christmas card revival helped stationery retailer Paperchase post a 5.9% rise in UK like-for-likes in the five weeks to December 27.
The retailer sold 9 million greetings cards over the period, which chief executive Timothy Melgund said was driven by an “anti-technology” movement by consumers.
He told The Sunday Telegraph: “Reports of the death of Christmas cards are grossly exaggerated. There is an anti-technology theme playing its part, cards are retro and people can personalise them to convey the right message. You can show you care so much more with a card than an email.”
Total sales jumped 11.2% to £30m over the five weeks, where Paperchase makes 20% of its annual sales. In the 47 weeks to December 27, UK like-for-likes increased 4.7% and total sales grew 11.4% to £122.9m.
Paperchase, which provides US retailers Target and Staples with private-label greeting cards, is considering opening standalone stores in North America this year, according to Melgund.
The retailer already has stores in the Netherlands, Denmark, France, Germany and the Middle East.
Primary Capital, the private equity owner of Paperchase, abandoned plans to sell the stationery chain last year after failing to fetch a large enough price from bidders. It is understood it was looking for about £150m for the business.
It opted to refinance Paperchase with £32m from rival private equity firm Permira’s credit arm and a £18m revolving credit facility from Lloyds.
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