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Card Factory reports fall in sales

Business / Thu 9th Aug 2018 at 10:25am

CARD Factory blamed weak consumer spending and “extreme” weather for a fall sales in the first half of the year reports the BBC.

The greeting cards company said like-for-like sales had fallen 0.2%, compared with a 3.1% rise a year ago.

It also said that profits would be lower than expected next year.

Full-year underlying profits are expected to be between £89m and £91m. The market had expected £93.5m.

Next year’s profits would be dependent on the “key fourth quarter trading period”.

Karen Hubbard, chief executive, said: “We continue to experience a weak consumer environment, made all the more challenging by the impact of this year’s extreme weather conditions on high street footfall.”

She added: “Our key fourth quarter trading period will of course be critical in determining the final result for the year, but we believe we are well positioned to deliver a good performance in our important Christmas trading season.”

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