Card Factory on track to deliver annual targets

27th May 2015 08:08

Gift and greeting cards retailer Card Factory said it was on track to meet its annual expectations after a solid performance in the first quarter.In the first three months of its financial year to 30 April, the London-listed group said revenue rose 7.5% year-on-year, slightly below the 8.5% growth reported in the first quarter of 2015, while like-for-like sales remained on track.FTSE 250-listed Card Factory said its new store opening programme, which aims at having 50 new stores opened in the current financial year, remained on track, with 19 new stores opened in the first quarter, slightly down from 22 in the corresponding period a year earlier.The group added that its online division was performing well, although it warned it will face tougher comparative in the second six months of the year."We have had a positive start to our new financial year, with consistently strong revenue growth and cash generation and I remain confident that the group will achieve the board's expectations for the full financial year," said group chief executive Richard Hayes.Card Factory shares were down 0.29% to 340.00p at 08:33 on Wednesday.