September 24, 2019 / 6:44 AM / a month ago

Card Factory profit slumps on higher inventory costs

Sept 24 (Reuters) - Card Factory reported a lower first-half pretax profit on Tuesday, hurt by higher inventory costs, as it built a stockpile of greeting cards and gifts ahead of Brexit and expected seasonal purchases.

The company said pretax profit fell 14.4% to 24.3 million pounds ($30.22 million) for the six months ended July 31. However, it expects to report adjusted underlying core profit for the year in line with market expectations.

$1 = 0.8041 pounds Reporting by Tanishaa Nadkar and Pushkala Aripaka in Bengaluru; editing by Uttaresh.V

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