No recommendation
No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views.
(Sharecast News) - Greeting cards retailer Card Factory said on Tuesday that full-year adjusted pre-tax profits were expected to be at the top of market expectations as a result of "positive momentum" across the business.
Card Factory said total sales for the eleven months ended 31 December were £476.9m, up 10.2% year-on-year, store revenue grew 8.2% on a like-for-like basis, while online LFL sales, on the other hand, were down 12.8% year-on-year.
The London-listed group said it had delivered a "continued positive performance" in its everyday and seasonal card ranges, with 5.4% LFL growth in the period, supplemented by strong growth in its gifts and celebration essentials ranges of 9.9% LFL.
Card Factory said it had also experienced "strong Christmas trading", with LFL store revenue up 7.8% in November and December - driven by an increased number of transactions and higher average basket values.
Looking ahead, Card Factory stated that given the strength of its performance in the year to date, it now expects to deliver full-year adjusted pre-tax profits "at the top of the range of market expectations" and said it "remains confident" in the achievement of its long-term financial and operational targets.
As of 0900 GMT, Card Factory shares were down 7.70% at 99.50p.
Reporting by Iain Gilbert at Sharecast.com
The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website is not personal advice based on your circumstances. So you can make informed decisions for yourself we aim to provide you with the best information, best service and best prices. If you are unsure about the suitability of an investment please contact us for advice.