By Card Factory, the leading U.K. retailer of greeting cards and complementary products, has raised its expectations for fiscal-year adjusted pretax profit after a surge in sales over the 11 months ending December 31.
Sales during this period reached an impressive £476.9 million ($607 million), marking a significant 10% increase compared to the same period in 2022. The boost in revenue was primarily driven by an 8.2% rise in store sales, with everyday and seasonal card ranges contributing to a 5.4% growth and gifts and celebration ranges experiencing a notable 9.9% leap.
However, while overall growth was strong, online sales experienced a slight decline of 13%, though this was considered an improvement from the previous half-year results.
Considering the company’s exceptional performance, Card Factory anticipates delivering adjusted pretax profit for the fiscal year ending January 31 at the high end of market expectations. Currently, market consensus suggests a range of £58.4 million to £62.0 million for fiscal 2024 adjusted profit before tax. In fiscal 2023, Card Factory achieved adjusted pretax profit of £52.2 million.
With these impressive figures, Card Factory is undoubtedly positioned for further success in the coming year.
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