Card Factory has raised its profit forecast for the full year following “stronger than expected” sales.

Card Factory Exeter

Card Factory has upgraded its profit outlook following positive store performance

The specialist retailer said in a statement that it now expects EBITDA for the full year to January 31 2021 to be £96m, up from the current outlook of £88.8m.

This would lead to a profit before tax of approximately £37.5m, it added.

Card Factory reported that sales across its stores have performed particularly well, with like-for-like sales up 6.2% compared with the previous year.

Performance in online and partnerships was as expected, while its everyday value ranges have proved popular.

The retailer added that trading at the beginning of its peak Christmas period has also been better than expected.

Card Factory said in its statement: “Christmas is a peak trading period for the business; we have been encouraged by the start to this season with sales marginally ahead of expectations. 

“All internationally sourced seasonal stocks have landed in the UK, with a significant proportion already delivered to store. “

The retailer will update on Christmas trading on January 17.