Shares of Wakefield-based greeting card and gift retailer Card Factory fell as much as 25% on Friday after it published a disappointing trading update showing a UK store sales performance “which is lower than our previous expectations.”

Card Factory said: “Over recent months, the pressures facing the UK consumer have been well publicised.

“It is an inescapable fact that these pressures have impacted consumer confidence and shopping behaviour, contributing to soft high street footfall.

“Those conditions have persisted as we moved into our most important trading period, leading to a UK store sales performance which is lower than our previous expectations.

“On the assumption that current trading trends persist over the remaining seven weeks of our financial year, we now expect to deliver adjusted Profit Before Tax for the full financial year between £55m and £60m.

“Progress on our long-term strategy has continued through the period, including effective execution of our ‘Simplify and Scale’ productivity and efficiency programme, as we continue to mitigate ongoing high inflation impacting UK retail businesses.

“Performance of our other businesses, including those in the Republic of Ireland and North America remain in line with our expectations. The integration of Funky Pigeon remains on track.

“The Board remains confident in the Group’s long-term strategy. The share buyback programme will continue and the Board anticipates declaring a progressive full-year dividend, in line with its capital allocation policy.”