StockMarketWire.com - Card Factory reported a 'positive' start to the year with like-for-like sales growth, but challenges at its getting personal segment and an ongoing gloomy High Street backdrop kept a lid on growth.

For the quarter ended 30 April, sales grew 6.4%, and like-for-like sales rose 2.3%.

CardFactory.co.uk had a good start to the year with continued revenue growth, driven by the success of new ranges and designs in both personalised and non-personalised products, the company said.

But performance at getting personal continued to be impacted by a market environment of heavy discounting and increasing customer acquisition cost, the company added.

The company opened 14 net new UK stores in the quarter, taking the estate to 979 stores.

Looking ahead, the company expected like-for-like sales for the year to be 'marginally positive,' with full year profit expectations remaining unchanged amid an uncertain macro outlook and the continuation of challenging consumer conditions.

'Overall, Card Factory remains in a strong position, continuing to grow market share, with lessening cost headwinds and a platform for medium term growth,' said Karen Hubbard, Card Factory's Chief Executive Officer.



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