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Moonpig experiences busiest ever week, as lockdown shoppers flocked to buy Valentine’s Day cards online

·1 min read
 (Getty Images)
(Getty Images)

Moonpig recorded its strongest ever trading week this month ahead of Valentine’s Day, as customers flocked to buy greeting cards online.

The online gifts and cards store which floated at 350p per share earlier this month, is among firms that have benefited during the pandemic as people shop from websites while non-essential retailers have had to temporarily close physical branches.

Moonpig today said: “The significant increase in demand seen in the first half of the year continued through the third quarter, and last week we saw the strongest ever trading week in the group’s history ahead of Valentine’s Day.”

It added that it has seen temporary increases in average order values, as more customers attach gifts to their orders.

The company expects revenue for the financial year to April 30 to be approximately double the £173 million recorded for the previous year.

The firm, led by Nickyl Raithatha, said the higher levels of customer purchase frequency and elevated gift attach rates are both expected to moderate as lockdown restrictions ease.

On top of higher marketing spend, it has also incurred incremental costs and capital expenditure due to higher temporary staffing levels throughout the supply chain, and also by the partial shifting of its production mix to the UK following the Guernsey lockdown. It now expects the underlying EBITDA margin for the full-year to be in line with the previous year.

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