Trading Statement
Card Factory plc has revised its full-year adjusted Profit Before Tax forecast to between £55 million and £60 million, reflecting softer high street footfall and UK store sales performance due to consumer pressures. Despite these challenges, the company continues to progress its long-term strategy, including its 'Simplify and Scale' programme, and its other businesses in the Republic of Ireland and North America are performing in line with expectations, with the Funky Pigeon integration on track. The Board remains confident in the Group's long-term strategy and intends to continue its share buyback programme and declare a progressive full-year dividend.
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596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018.
Card Factory plc
(the "Group" or "cardfactory")
Trading Update
cardfactory, the UK's leading specialist retailer of greeting cards, gifts and celebration essentials, today announces an update on trading.
Over recent months, the pressures facing the UK consumer have been well publicised. It is an inescapable fact that these pressures have impacted consumer confidence and shopping behaviour, contributing to soft high street footfall. Those conditions have persisted as we moved into our most important trading period, leading to a UK store sales performance which is lower than our previous expectations.
On the assumption that current trading trends persist over the remaining seven weeks of our financial year, we now expect to deliver adjusted Profit Before Tax for the full financial year between £55m and £60m.
Progress on our long-term strategy has continued through the period, including effective execution of our 'Simplify and Scale' productivity and efficiency programme, as we continue to mitigate ongoing high inflation impacting UK retail businesses. Performance of our other businesses, including those in the Republic of Ireland and North America remain in line with our expectations. The integration of Funky Pigeon remains on track.
The Board remains confident in the Group's long-term strategy. The share buyback programme will continue and the Board anticipates declaring a progressive full-year dividend, in line with its capital allocation policy.
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