Shares of Wakefield-based greeting card and gift retailer Card Factory fell about 8% despite the firm announcing that its total sales for the 11 months ended December 31, 2023, rose 10.2% to £476.9 million.

In its outlook, Card Factory said it expects to deliver full year adjusted profit before tax at the top of the range of market expectations “and remains confident in the achievement of the long-term financial and operational targets set out at our Capital Markets Strategy Update in May 2023.”

According to company-compiled consensus estimates, the current range of market expectations for FY24 adjusted profit before tax at Card Factory is £58.4 million to £62 million.

Card Factory CEO Darcy Willson-Rymer said: “We are pleased to have delivered a strong performance over the Christmas period, further demonstrating the progress we are making on our strategic growth initiatives.

“Our value and quality proposition continues to resonate with customers at a time when value for money is as important as ever.

“Even during challenging times, consumers want to celebrate key life moments and this was reflected in the positive performance that we saw in the Christmas trading period and throughout the year to date.”

“Colleagues across all areas of our business have worked incredibly hard to deliver an improved experience for our customers this year.

“As we look ahead, we remain focused on delivering against our growth strategy by helping our customers to affordably celebrate all life’s moments.”