The retailer’s recent trading update since the reopening of stores post-pandemic has sited strong sales for everyday card and party ranges.
Card Factory has issued both a trading update and a £225 million refinancing with its current banking syndicate. The retailer reported that initial strong demand has now been satisfied and the store like-for-like sales for the first five weeks post opening are marginally down compared to the same period in 2019.
Strong sales of the Everyday card and party ranges were also highlighted during the period, as an increased average spend offset the reduced footfall into stores.
The £225 million refinancing will be used to focus on Card Factory’s future growth strategy, including strengthening its online customer proposition and the capability and capacity to fulfil sales demand.
Darcy Willson-Rymer, chief executive, said: “I am pleased we have secured increased banking facilities, which afford the Group the headroom required to focus on realising the growth strategy. In particular, enhancing our card-led proposition through all sales channels and accelerating the increase in our capability and capacity to fulfil sales demand via our online channel, and so capitalise upon the move to online adopted by more customers over the last year.
“We welcome our colleagues and customers back into our stores, providing the quality ranges at competitive prices which our customers have missed whilst stores were closed. As national restrictions are eased, we continue to prioritise providing a safe working and shopping environment in all our stores. The strong trading performance in our stores over the last few weeks reflects the extensive preparations to maximise meeting our customers’ needs completed by the wider Card Factory team.”
