Business
Covid-19 update
Covid-19 update.
About this update from Card Factory Plc
[{"type":"text","content":"\n \n \n RNS Number : 1237H\n Card Factory PLC\n 23 March 2020\n \n \n \n \n The information contained in this announcement is deemed by \n \n \n the Company to constitute inside information for the purposes of \n \n \n Article 7 of the Market Abuse Regulation (EU) No. 596/2014\n \n \n \n \n \n \n \n \n 23 March 2020\n \n \n Card Factory plc \n \n \n \n \n \n (\"Card Factory\" or the \"Group\")\n \n \n \n \n \n COVID-19 UPDATE \n \n \n \n \n \n Card Factory, the UK's leading specialist retailer of greeting cards, dressings and gifts, today issues an update regarding COVID-19.\n \n \n \n \n \n Trading \n \n \n \n \n \n Card Factory had a satisfactory start to the financial year, particularly with regard to seasonal and everyday card sales. Growth in average basket value enabled us to largely offset the decline in High Street footfall. Cardfactory.co.uk performed well, reflecting both improvements to the online portal and the positive response to the enlarged range of cards, gift and party products. \n \n \n \n \n \n However, in response to COVID-19 we have seen a very material drop in High Street footfall.\n \n \n \n \n \n COVID-19\n \n \n \n \n \n The health and safety of our colleagues and customers remains our top priority and there are a number of measures and plans in place to ensure their continued welfare. The Group continues to monitor the rapidly evolving COVID-19 situation closely. Whilst all stores remained open for trading on Sunday 22 March, we are reviewing our approach and expect to begin selectively closing stores shortly on a temporary basis. \n \n \n \n \n \n Management and other actions \n \n \n \n \n \n In response to the material changes we anticipate in demand, we are taking a number of mitigating steps to manage our cost base and cash flow. These actions include:\n \n \n \n \n \n - Detailed review of our investment plan across the Group. Significant reductions in non-essential capex have been identified, with any investments focused on a small number of key projects that remain important to the Group's long-term strategic objectives \n \n \n - New store openings have been significantly restricted, and limited to those where we are legally committed to complete. ...