Card Factory PLC reports solid post-lockdown store sales performance
Increased spend per transaction has offset lower footfall as customers are shopping less frequently but buying more
PLC () said sales following store reopenings topped both expectations and the performance after the previous two lockdowns.
Store revenue was “marginally” down compared with the same period in 2019, the greeting cards retailer said.
Increased spend per transaction has offset lower footfall as customers are shopping less frequently but buying more.
The ‘Everyday Card’ and party ranges have performed strongly, with a “clear early trend” of customers shopping more evenly during the week.
Sales from the online channels have fallen, as expected, but are still above pre-pandemic levels, with performance in line with management expectations.
The group has also completed a refinancing with its banks, increasing available funds to £225mln from £200mln previously.
As of 16 May, net debt amounted to £110mln, excluding deferrals of £40mln, versus £132mln a year ago.
The new facilities include a £100mln revolving credit facility, a £75mln term loan facility and £50mln of Coronavirus Large Business Interruption Loan Scheme.
The new financing provide with resources to focus on its future growth strategy, including strengthening the online customer proposition and capacity to meet sales demand.
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