Wakefield-based greeting card and gift retailer Card Factory increased its annual profit guidance on a better-than-expected second half so far, helping to send its shares up about 15%.
In an update to its trading expectations for the current financial year to January 31, 2023, Card Factory said like-for-like sales are up 6.2% in the year-to-date, driven by “strong” in-store performances.
Card Factory said both its online business and commercial partnerships have performed in line with expectations.
Card Factory now expects pretax profits of £37.5 million for the year ending January 31, from £11.1 million in 2022.
Earnings before interest, taxes, depreciation, and amortisation are expected to hit £96 million, beating current consensus of £88.8 million.
“Trading in the second half to date has been stronger than expected, particularly across our everyday ranges …” said Card Factory.
“Christmas is a peak trading period for the business; we have been encouraged by the start to this season with sales marginally ahead of expectations.
“All internationally sourced seasonal stocks have been landed in the UK, with a significant proportion already delivered to store.”
Reporter: Jaskeet Briah
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