Card Factory shares fell sharply early morning – down 18.2% to 231.12 following the greeting card retailer's latest trading update.
The company reported a solid level of sales growth in the Christmas period driven by a combination of like-for-like sales growth and new store roll out.
In 2017, 48 new UK stores were opened, bringing the total UK estate to 913 stores. In addition, the Group opened six new trial stores in the Republic of Ireland over the period.
Sales performance over the Christmas period at gettingpersonal.co.uk, the company’s online personalised gifting business, was disappointing which has resulted in a broadly flat sales performance year to date.
Across the Group, like-for-like sales growth has been driven primarily by lower margin non-card categories, such as gifts and dressings, with card sales stable year on year.