Card Factory has unveiled plans to open circa 50 new stores for its 2020 financial year, while reporting flat sales and a drop in profit.
In its financial results for the year ending 31 January, the retailer announced it has a “strong pipeline of new store opportunities” for its 2020 financial year.
The company is looking to open around 50 net new stores, including some in Ireland after trial shops opened in the country last year were claimed to be a success.
However, the retailer said it will only open new stores if “they meet the necessary return thresholds”.
Chief executive Karen Hubbard said that opening new stores remains the retailer’s “biggest growth channel” and is looking to “extend our reach beyond 1,200 stores in the UK and internationally to drive profitable growth”.
However, the company’s sales have remained flat, increasing by just 0.1% since the previous financial year.
Its profit before tax has dropped to £66.6m from £72.6m in its 2018 financial year.
The company also announced it will introduce a half-yearly review of its store portfolio to identify opportunities to upsize, downsize, co-locate or relocate its existing shops.
In the chief executive’s report on the company’s financial year, Hubbard said the review will help to “ensure the whole of the estate is well positioned for our customers and the level of footfall”.
She added: “In addition, we agree relatively short-term leases to ensure we have the flexibility to adapt to the changes on the high street.”
Last year, the company opened 51 new stores across a variety of retail locations, including high streets, shopping centres and retail parks, bringing its total store estate to 972.
To send feedback, e-mail lucy.alderson@egi.co.uk or tweet @LucyAJourno or @estatesgazette
