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Specialist retailer Card Factory pulled its final dividend to support its balance sheet amid 'challenging time' owing to the impact from the Covid-19 pandemic.
The company also reported a fall in profit as higher costs weighed on performance.
For the year ended 31 January 2020, pre-tax profit fell 4.4% to £65.2m and revenue rose 3.6% to £451.5m.
Profit was impacted by 'non-recurring operational costs and, as expected, the cost of the increase in the National Living Wage,' the company said.
Card Factory said it would re-opened about 10% of its stores from the 15 June in line with government guidelines.
'The Covid-19 pandemic has impacted trading and, given the uncertain economic backdrop, we are unable to provide financial guidance for fiscal 2021,' it added.