While sales have declined, revenues have been recorded at levels that were above expectations since stores re-opened last month.
The gifting and greetings retailer said like-for-like sales were down by 21.6 per cent year-on-year since 15 June, compared to an expected drop of 50 per cent. Transactions may have decreased since last year, but the average spend has risen by 24.9 per cent during the same period.
It is of course a different story online, where sales have spiked amid the Covid-19 crisis as like-for-likes through its two main e-commerce channels were up 68.9 per cent in its financial year-to-date.
Across the first half of its financial year, covering the six months to 31 July, Card Factory announced it had expected revenue to come in at around the £100M, representing a 48.9 per cent drop of last year’s £195.6M.
The news of increased revenue will come as a welcome relief for a business that has seen its previous Chief Executive Karen Hubbard suddenly resign from the role and leaving the company searching for a new one.
