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Trading statements

Card Factory sales at upper end of target

25 May 2017 07:28

Card Factory's first quarter like-for-like store sales were at the upper end of the targeted range of +1% to +3%.

In an update ahead of today's annual general meeting the group reported underlying group sales growth of +6.1% on the basis of an equivalent number of trading days, an improvement on the FY17 full year growth rate of +4.3%.

Total reported sales growth was +4.9%, including the impact of one extra trading day in prior year leap year.

The update said: "In the first quarter we opened 11 net new stores (Q1 FY17: 20) bringing the total estate to 876 stores as at 30 April 2017.

"We remain on track to deliver approximately 50 net new stores in the current financial year, including an increasing number of retail park stores, which are performing well, with overall openings this year weighted to the second and third quarter.

"Our trial entry into the market in the Republic of Ireland is progressing well, and we anticipate opening a small number of trial stores later this year in addition to our normal 50 net new stores in the UK. "Revenue from the Card Factory website continues to grow, albeit from a small base.

"We have continued to expand and improve the range of card and non-card products available on the website, both personalised and non-personalised, as we target a significant increase in our share of this attractive segment of the market. "The trading performance at Getting Personal has started to improve following recruitment of a new senior team with positive sales growth re-established.

"We continue to target Getting Personal revenue growth for the full year in excess of 10%."

Story provided by StockMarketWire.com

Related Company: CARD

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