By Joe Hoppe
Card Factory PLC said Tuesday that it swung to a pretax profit in fiscal 2022 on increased revenue, and fiscal 2023 has begun well.
The U.K. retailer of greeting cards and other products said for the year ended Jan. 31 it swung to a pretax profit of 11.1 million pounds ($13.9 million), from a pretax loss of GBP16.4 million a year prior. The company said its performance was ahead of management expectations, despite significant disruption and inflationary cost pressures.
Revenue rose 28% to GBP364.4 million, on the back of a steady recovery in store sales following the easing of coronavirus pandemic restrictions, along with online sales significantly ahead of prepandemic levels.
The company said its performance in fiscal 2023 to date has been in line with its expectations and is contributing to a continued recovery in market-share position.
Card Factory’s expectations for revenue and profit for the full year remain unchanged, and it has already mitigated a significant proportion of expected inflationary headwinds for the year. It expects revenue to continue trending towards prepandemic levels over the year.
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