Card Factory shares down as group expects full-year loss

card factory shop outside

Card Factory has said that it expects a £10m loss for the full year.

Amid Covid restrictions, closed shops and a fall in sales, the retailer has said it expects a full-year loss. This is compared to last year’s profits of over £65m.

Sales over the period fell from £425m last year to £281m in 2020.

Executive chairman, Paul Moody, commented: “Despite the obvious uncertainties in the first half of 2021, I am confident that we have the opportunity to return the business to sustainable profitable growth and will do all that is necessary in the near term to ensure that we can maximise that opportunity.”

“In a year, the like of which none of us have ever experienced before, I am hugely proud of the way in which the Card Factory family has risen to the many challenges faced and want to thank every colleague for their huge commitment.

“Throughout 2020 we unwaveringly did all that was necessary to protect our colleagues and customers, making our stores one of the most Covid-secure shopping experiences available. 

“The financial investment has been significant, but critical to enabling us to meet our social responsibility.”

Shares in Card Factory were down 3.87% at 38,55 (1106GMT).