Business
Trading ahead of expectations; good momentum
Trading ahead of expectations; good momentum.
About this update from Card Factory Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.\n \n \n \n \n \n \n \n \n 10 January 2023\n \n \n \n \n \n \n \n \n \n Card Factory plc (\"Card Factory\" or the \"Group\")\n \n \n \n \n \n \n \n \n \n Trading ahead of expectations; good momentum across the business\n \n \n \n \n \n \n \n \n Card Factory, the UK's leading specialist retailer of greeting cards, gifts, wrap and bags, announces a profit upgrade alongside its trading update for the eleven months ended 31 December 2022.\n \n \n \n \n \n \n Business highlights\n \n \n \n \n \n \n \n \n ·\n Sales for the eleven months ended 31 December 2022 of £432.6 million (11 months to 31 December 2021: £337.3 million1) reflects the continued good momentum within the business alongside the shift of customer spend back towards the high street.\n \n \n o \n Store revenue grew +7.1% on a Like-For-Like2 (LFL) basis.\n \n \n o \n Strong Christmas trading driven by improvements in both store transactions and average basket values supported by effective range development and our compelling value for money offer across both cards and gifts. \n \n \n o \n Customers returning to the high street and impact of Royal Mail strikes saw online sales down 27.6% year-on-year. cardfactory.co.uk sales remain up significantly in comparison to pre-pandemic levels +85.2% 3Y.\n \n \n · \n Everyday card ranges and complementary categories have continued to perform well with prior work on range expansion and improving availability supporting the positive performance.\n \n \n ·\n As a result of the continued trading momentum, the\n Board now expects that EBITDA for the 12 months to 31 January 2023 (FY23) will be at least £106 million. This EBITDA would approximate to PBT of around £48 million, which includes £3.5 million of one-off benefits due to the release of CJRS provision and deferred fee accrual release associated with prior refinancing package.\n \n \n \n ·\n Net debt (excluding lease liabi...