Pre-tax annual loss for Card Factory
Greeting cards chain Card Factory made a pre-tax loss for the year to the end of January as it was hit hard by the coronavirus pandemic.
Revenue was down by 36.9 per cent on the previous year at £285.1 million and it went from a £65.2m profit in 2019-2020 to a £16.4m loss..
The store estate closed for an average of five months which had a significant impact on profitability, but there was a better than expected reopening performances after lockdowns one and two.
There was high growth in Card Factory online sales which were up 135.3 per cent to £11.1m
Chief executive Darcy Willson-Rymer, who joined Card Factory in March, said: "We have successfully reopened our entire store estate following the third lockdown and delivered a reassuring performance in stores, whilst maintaining online momentum. Our powerful brand and unique business model means we are well placed to respond positively to the changing retail environment and to unlock the inherent potential in this business. The recent refinancing provides sufficient resources for us to do that by building on our excellent platform to drive future growth. I am excited about the opportunities ahead."
