Greetings: Card Factory pulls off best first-half sales figures since IPO

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The budget card retailer is expanding its store portfolio (Source: Card Factory website)

Card Factory this morning posted its best first-half sales figures since it first floated three years ago.

The figures

Card Factory's like-for-like sales grew 3.1 per cent in the six months to the end of July. Total sales were up by 6.1 per cent, but the company highlighted that in the prior year there had been one extra day of trading.

Why it's interesting

The greetings retailer has been pushing ahead with its expansion plans, and has bumped up its store portfolio by 30 stores in the first half of the year. The retailer currently has 895 stores and plans to open another 20 stores in the second half.

Read more: Card Factory's share price slides as profits drop

Card Factory reported a fall in profits earlier in the year, which it attributed to a decline in footfall, but now has delivered its best first-half sales since its 2014 IPO, according to Investec retail analyst Kate Calvert. She said the trading statement was "highly reassuring" and that the firm remained highly cash generative.

What Card Factory said

Karen Hubbard, Card Factory's chief executive, said: "Our store expansion programme remains on track and we are pleased with the performance of this year's openings, including strong sales from the increased proportion of openings in retail parks."

Tags: Card Factory