Sales growth is slowing at Card Factory (LON: CARD) and the outlook over the next three years is flat at best. The greeting cards retailer has an attractive yield and there is the promise of a special dividend, but the company has few other attractions.
The first quarter trading was relatively good, but the second was poorer. First half sales were 5.5% ahead. The sales of the Card Factory sites were 1.5% higher on a like-for-like basis, helped by on line sales. The like-for-like growth for the first quarter was 2.3%.
The problem is the cards market, itself, because volumes are falling. ...
