Card Factory in loss as revenue falls 37% to £285m

Wakefield-based greeting card and gift retailer Card Factory, which last month completed a £225 million refinancing with its current banking syndicate, said on Thursday its revenue fell 36.9% to £285.1 million in the year to January 31, 2021, as it swung to a loss of £16.4 million.

Card Factory CEO Darcy Willson-Rymer said: “Since joining Card Factory in March 2021, I’ve been immensely encouraged by what I have seen and heard.

“We have successfully reopened our entire store estate following the third lockdown and delivered a reassuring performance in stores, whilst maintaining online momentum.

“Our powerful brand and unique business model means we are well placed to respond positively to the changing retail environment and to unlock the inherent potential in this business.

“The recent refinancing provides sufficient resources for us to do that by building on our excellent platform to drive future growth.

“I am excited about the opportunities ahead.”

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Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.