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Greeting cards retailer Card Factory upgraded its outlook on profit after reporting better-than-expected performance for fiscal 2022 following a recovery from pandemic impact.
For the 11 months through 31 December 2021, total sales of £337.3 million, were ahead of the board's expectations, but below the £424.5 million for the pre-Covid eleven months to 31 December 2019, driven by pandemic fueled trading restrictions.
Store transaction volumes exceeded high street footfall averages following the end of the national lock-down.
Looking ahead, the company expected the outcome for the full year to be ahead of its previous expectations.
Revenue for the full year was expected to be in excess of £360.0 million, earnings before interest, taxes, depreciation and amortisation, or EBITDA for the full year was expected to be in the range of £71.0 million to £74.0 million and pre-tax profit was expected to be in the range of £7.0 million to £10.0 million.
Looking further ahead, the company said it remained 'confident in delivering year on year revenue growth in FY23, towards the level delivered in FY20; however, EBITDA margins are expected to reflect significant inflationary headwinds.'