The greetings card retailer remains “cautiously positive” about the second half of the current financial year despite issues in the supply chain, shortage of staff and increasing freight and energy costs.
Trading has been better than expected, with online performing in line with forecasts and in-store footfall and transaction volumes continuing to recover. However, transaction volumes are still 22% below pre-pandemic levels.
Average basket value remains higher than pre-pandemic levels, but like-for-like sales in the seven weeks to 19 September dipped 4% and 6% compared to the same period last year and two years ago respectively.
Card Factory also set a target of GBP600mln annual revenues by 2026, 20% of which coming from online and multi-channel and retail partnerships.
In the six months ended 31 July, revenue jumped 16% to GBP116mln, with loss before tax shrinking 71% to GBP6mln. Net debt was 33% lower at GBP96mln.
Shares shed 3% to 58.3p on Tuesday morning.