Card Factory trades ahead of expectations since reopening storefront locations

Greeting cards retailer Card Factory said on Friday that its trading performance following the reopening of its brick and mortar locations across the UK had exceeded expectations.

Card Factory stated that trading had resumed at its stores in England and Wales from 12 April, while colleagues and customers were welcome back in its stores in Scotland from 26 April, with stores opening in Northern Ireland on 30 April.

Elsewhere, the AIM-listed company had agreed on headline terms for refinancing of the group with its current syndicate of commercial lending banks, with a further update set to be issued over the coming weeks, once terms can be documented.

"Pending documentation of the revised facility terms, the banking syndicate has extended waivers in respect of anticipated covenant breaches to 31 May 2021, taking account of the company's cash flow projections, subject to certain conditions," said Card Factory.

As of 1115 BST, Card Factory shares were up 6.24% at 83.40p.