Card Factory upgrades profit expectations

The greeting card retailer reported that performance in the six months to July 31, 2023 had been “materially ahead” of management expectations.

It continued: “The macro backdrop continues to be uncertain and there is still much to be delivered over the remainder of the year.

“Nevertheless, given the strength of the performance in the first half, together with our current outlook for the second half, the board now expects the full year outturn to be materially ahead of its previous expectations.”

The performance of Card Factory, which has just opened its first store in the Middle East, contrasts with that of competitor Clintons, which is considering closing 38 stores – about a fifth of its branches – to stave off insolvency.

In May, Card Factory reported a leap in full-year profits as customers returned to stores on the back of a good Christmas.