Card Factory's share price slides after reporting slower sales growth

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Card Factory reported nine new stores had opened last quarter

Card Factory's share price was trading down after reporting sales growth of 7.9 per cent for the nine months to the end of October, down from the 8.7 per cent growth reported in the same period last year.

The greetings card chain was trading 1.11 per cent down at 359.65p in early afternoon trading on the announcement.

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Meanwhile the company said there was a continued store roll out, with 45 new stores opened in the nine months. Card Factory opened nine new stores in the third quarter.

"We remain confident of continuing our historic opening rate of approximately 50 net new stores per annum," the company said.

It added: "The trial of the recently relaunched Card Factory transactional website is ongoing and we are pleased with progress to date."

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During the update the company also said the board's expectations for the full financial year remain unchanged.

Chief executive Richard Hayes said: "We are well prepared for the important, competitive Christmas period, and remain confident of our ability to continue to increase market share whilst delivering on all four pillars of our growth strategy."

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