Retailer Card Factory hailed a good start to its financial year as the group expanded the chain with another 19 stores on the high street.

The greetings card and gifts group, which floated on the stock market last May, posted a 7.5% rise in revenues for its first quarter to April 30 thanks to a combination of like-for-like growth, new shop openings and online business.

Richard Hayes, chief executive of Card Factory, said the group had enjoyed a "positive start" to its new financial year.

The sales growth marked a slight slowdown on the 8.5% reported a year earlier, but remained in line with growth seen in the previous six months.

The group did not report like-for-like sales growth, but said it remained "in the range targeted by management".

Card Factory was valued at £766 million when it floated on the London Stock Exchange last May and has since seen its market capitalisation increase by more than £380 million, worth £1.15 billion at today's prices.

The group delivered a 10% hike in underlying earnings to £88.2 million in its last financial year.

Card Factory, which is headquartered in Wakefield, West Yorkshire, expanded its chain by 19 to 783 in the first quarter, with aims to add 50 net new stores over the full year.

It also relaunched its Card Factory website at the end of April with a greater product range and aims to boost online revenues from its "current very small base".

The site runs alongside Card Factory's main online arm, Getting Personal, which offers personalised cards and gifts.

Card Factory launched in 1997 with just one store and now has a nationwide presence.

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