Card Factory PLC Capital Markets Day and Strategy Briefing Transcript
Good afternoon, and thank you for attending our virtual Capital Markets' presentation. Although bringing the refreshed strategy to you later than hoped, the key theme remains the same to extend card factories position as the first choice for greeting cards.
Before we discuss the strategy, I will cover off the highlights of our trading update released this morning. I'm pleased to report that virtually all of our stores have reopened with store sales exceeding our original post-COVID reopening expectations, with like-for-like sales down just over 20% compared to our expectation of a 50% contraction. Footfall is reduced, but the improved performance derives from higher average spend. Higher online sales have continued following reopening of stores. Revenues for the first six months are expected to be approximately GBP100 million and our net debt of GBP144 million as at July 19, is also much improved compared to our original expectations.
Here is today's agenda, you will be hearing from the team members who are responsible and accountable
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