Card Factory starts year well and pledges to expand

18th Jun 2014 08:04

Newly floated stationery and gift retailer Card Factory unveiled a good start to the year and outlined plans for more expansion.Card Factory, which floated on the London Stock Exchange at 225p per share last month, reported ongoing positive growth in like-for-like sales from existing shops, although it did not give figures.The chain opened 29 stores in the first four months of this financial year, bringing the total estate to 742 shops at the end of May.It said it had a strong line-up of extra new store opportunities and was confident of opening about 50 shops this year in line with historic opening rates. It hopes to expand the chain to up to 1,200 stores in the next decade.Chief Executive Richard Hayes said: "We have had a positive start to our current financial year. The board remains confident of the group's ability to further increase market share for the foreseeable future."Shares were flat at 209p in early trading in London.PW