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Card Factory quarterly sales rise

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(Reuters) – Card Factory Plc said on Wednesday that sales in the first quarter rose 6.4% as customers reacted well to the British greeting card retailer’s seasonal ranges, driving record card sales growth for Valentine’s Day and Mother’s Day.

Like-for-like sales for the quarter rose 2.3% and the company said revenue from its online store also grew.

Despite the growth in the quarter, Card Factory once again struck a cautious note and said it expected like-for-like sale for the full year to be marginally positive.

“Considering the uncertain macro outlook and the continuation of challenging consumer conditions, and with the key trading periods still to come, the board expects LFL sales for the year to be marginally positive,” the company said.

Britain’s high-street stores have struggled with lower footfall as Britons cut back on spending due to Brexit-related uncertainty, hurting retailers like Card Factory.

Card Factory said it still expected full-year profit to be flat year over year.

(Reporting by Shariq Khan in Bengaluru; editing by Gopakumar Warrier)

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