Card Factory optimistic heading into Christmas period despite supply issues
Despite seeing growth in its revenue levels in H1, Card Factory ended up making a loss.
EBITDA grew by 202.6%, climbing as high as £23.6m in the first six months. Revenue surged by 16.3% compared to the year before, getting to £116.9m.
However, despite positive performance, the firm lost £6.5m, meaning its debt came in around £100m.
Darcy Willson-Rymer, Chief Executive Officer, commented: “the delivery of the growth strategy set out in July 2020 – and the broader retail environment itself – has obviously been impacted by Covid-19. However, it is clear that the right way forward is to transition Card Factory from being a store led card retailer into a market leading, omni-channel retailer of cards and gifts.”
Card Factory’s intention is to move towards the complementary gifting and party markets.
The company also confirmed a target of over £600m of sales by FY 2026, with the expectation that approximately 20% of revenue will come from the online store and through retail partnerships.
Nonetheless, Card Factory said it was optimistic about the coming months as it nears the Christmas season, even amid supply chain disruption and labour shortages.
