July 28, 2020 / 8:20 AM / 7 days ago

Card Factory sales ahead of expectations since reopening

July 28 (Reuters) - Card Factory said on Tuesday sales at its stores since they reopened exceeded the company’s expectations, helped by a jump in average spend, sending the British card retailer’s shares up 4%.

The company said like-for-like in-store sales since reopening were down 21.6%, compared to an expected 50% reduction in the first month of reopening.

The company is targeting a revenue of around 635 million pounds ($815.40 million) for 2025 and nearly 5,600 distribution units, of which about 1,100 will be group operated stores.

$1 = 0.7788 pounds Reporting by Tanishaa Nadkar in Bengaluru; Editing by Vinay Dwivedi

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