CARD FACTORY has reported a 72.7 per cent leap in profit before tax to the end of July, as the occasion market showed signs of strength despite the cost of living crisis.

The retailer said revenues also grew 11.5 per cent to £220.8m as the company's affordable products appealed to customers amid a challenging economic market.

This was due to the company rebalancing its physical retail sales and online offering. The company is currently rolling out a 'Store Evolution Programme' which involves revamping its stores.

Card Factory said: "Early results are showing increased customer satisfaction and a positive revenue impact with the reduction in space allocated to cards not adversely impacting category sales, while revenue growth resulted from increased space seen in celebration essentials and gifting."

Card Factory said it is trading inline with expectation. The retailer said: "Whilst we remain mindful of the challenging economic backdrop and the impact of the cost of iving crisis on discretionary spend, we continue to be encouraged by the resilience of the celebration occasions market and the growth opportunity it presents."

(c) 2023 City A.M., source Newspaper