(Reuters) – Card Factory’s <CARDC.L> first-half like-for-like sales grew 1.5%, but accumulation fell because of college costs to body up account for its greeting cards and ability advanced of Brexit and anniversary purchases, the aggregation said on Tuesday.
Pretax accumulation fell 14.4% to 24.3 actor pounds for the six months concluded July 31 as Card Factory additionally invests into growing its business and newer artefact lines, while absolute operating costs rose 6.3% to 42.4 actor pounds.
Shares of the company, however, surged 8% in aboriginal deals afterwards it said it expects to address adapted basal amount accumulation for the year in band with bazaar expectations, as it reins in costs in the second-half, helped by changes in its accumulation alternation and operations.
The aggregation on Tuesday additionally said it had active new retail partnerships in the UK and away as it looks to abound its bazaar share.
Retailers on the aerial artery accept been hit by lower footfall, online antagonism and costs of advancement brick-and-mortar stores. Britons are additionally acid aback on spending as the country’s approaching avenue from the European Union weighs on affect and the economy.
Card Factory has been aggravating to account the challenges by accretion its online business, absorption on personalisation, and newer varieties for melancholia anniversary like Valentine’s day, Mother’s day and Christmas.
It said sales at its website Cardfactory.co.uk rose by 25%.
“The acknowledged melancholia trading, accumulated with added adult use of abstracts and improvements to our chump experience, gives us aplomb for the key Christmas trading aeon ahead,” Chief Executive Officer Karen Hubbard said.
(Reporting by Tanishaa Nadkar and Pushkala Aripaka in Bengaluru; alteration by Uttaresh.V)
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