Moonpig Sales Slump as People Cut Back on Greeting Cards

Moonpig Group Plc revenue plunged as UK consumers released from lockdowns sent fewer cards to friends and family online.

Revenue dropped 17% to £304 million ($371 million) in the year to April, although the decline was smaller than expected and the company said it expects shoppers to keep buying cards despite soaring inflation. Over two years, revenues are up 76% as Moonpig continues to expand its customer base, the company said in a statement Wednesday.