Card Factory looking at full year growth

Card Factory was looking towards a solid annual performance on Tuesday, with increased like-for-like sales growth and constant total sales growth in the 11 months to 31 December 2015.

The FTSE 250 greetings card and gift retailer reported like-for-like store sales rise of 2.8% for the period, up from 1.8% in the same 11 months in 2014.

Card Factory said sales growth was underpinned particularly by its non-card products through the year and into the Christmas trading period.

It also reported its total sales growth was 8.1% - equal to the 2014 period.

The group opened a net 50 new stores in the period, which was in line with its historic and projected roll-out rates, and concentrated its e-commerce development on the Getting Personal and Card Factory transactional websites.

Getting Personal remained the group's principal online business, though Card Factory said its double digit second half growth was at a lower level than the 24.9% experienced in the first half.

The relaunched Card Factory website was still undergoing its trial period, with more details expected at the preliminary results in April.

"We remain on course to deliver sales growth at a similar level to last year, highlighting once again the strength and consistency of our retail proposition and performance, underpinned as ever by our unique vertically integrated model", said outgoing CEO Richard Hayes.

It was previously announced that Hayes was retiring from the board and leaving the group at the end of June 2016, following a four month handover period to the CEO designate Karen Hubbard.

Card Factory's board expectations remained unchanged for the full year, with the preliminary results to the end of January due on 5 April.