Wakefield-based Card Factory reports £11 million profit as share price rockets

The Wakefield-based Card Factory has turned a multi-million pound profit following a major slump.

By Nick Frame
Tuesday, 17th May 2022, 8:48 am
Updated Tuesday, 17th May 2022, 8:51 am

The greetings card company recorded an £11.1 million gain up to January 31, compared to a £16.4 million deficit the previous year.

It is the firm's first pre-tax profit since the start of the pandemic.

It has seen share prices rocket by 40 per cent in the last month.

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Card Factory.

The retailer said trading in its new financial year was in line with expectations and has helped with the recovery.

It expects to sales towards pre-pandemic levels” in the year ahead.

Card Factory chief executive Darcy Willson-Rymer told the Retail Gazette: “We are pleased to report a robust performance for the year, ahead of our original expectations, alongside good progress on our strategic transition, despite the operational challenges the last year brought.

“We enter the year ahead with confidence in our ability to deliver our plan.

"We remain excited by the growth opportunity ahead and continue to focus on implementing changes to enable us to deliver on our transition from a store-led card retailer into a market leading, omnichannel retailer of cards and gifts.”

Founded in Wakefield by Dean Hoyle and his wife Janet, Card Factory's first store opened in 1997, after initially selling from the back of a van at car boot sales.

By 2020, it had over 1,000 stores.

The company's headquarters is on Carr Gate.