Paperchase has admitted to being ‘a little red faced’ after the stationary firm printed the wrong year in its 2018 diaries.
Several of the popular items show the year 2108 – 90 years in the future – from the middle of March onwards.
Yet rather than repulping thousands of the misprinted diaries, the store has decided to slash 25 per cent off the price and sell them to customers.
In a message to customers, the stationary company said: ‘We don’t want our customers to be disappointed in any way, but we also didn’t think it was right to throw away lots of diaries that are otherwise still lovely and still useful.
‘So we’ve made the decision to keep it on sale at a reduced price because otherwise it would be such a waste.’
Several of the popular items show the year 2108 – 90 years in the future – from the middle of March onwards
Four faulty designs include a magnetic cover. Among the erroneous designs include diaries with gold stripes, another with embossed owls, diaries with embossed stars and a purple design showing a heart filled with butterflies. Instead of asking for £12 for the diaries, they will be sold at £9.
And a holographic snakeskin with a light-up 2018, aimed at teenagers, was supposed to be sold at £16 but will instead be offered for £12.
Paperchase has not revealed how many of the faulty diaries it has in stock but a conservative estimate of 10 of each design for its 130 UK stores would mean it has 6,500 to sell – although the true figure could be much higher.
Estimates suggest the firm could lose around £20,800 by selling the diaries at a discounted price. But it could save Paperchase a huge £85,000 than if it were to destroy the diaries.
Retail expert Ratula Chakaborty suggested Paperchase could have made between £42,000 to £62,000 profit if it were not for its blunder.
Ms Chakaborty, from the University of East Anglia, said: ‘Retailers such as Paperchase sometimes need to cut their losses rather than pass off goods such as the diaries at a discount, although [at least] they are making the fault obvious.
‘Consumers have short term memory, so the fiasco might be forgotten soon – except by the 6,000 or so people who look daily at their diary.
‘It might put them off Paperchase for a while if they’ve bought a faulty product which lasts an entire year.’
The fiasco might be forgotten soon – except by the 6,000 or so people who look daily at their diary
Managing director of market research Conlumino, Neil Saunders, said the cost would of the error would be ‘extensive’.
He added: ‘At this time of year diaries are a key staple product for chains like Paperchase so having to reduce prices is unfortunate and will have an impact on the bottom line. The error does not sound too serious, but it may put some consumers off buying, which will have a further impact on both sales and profits.
‘There is probably sufficient margin to ensure that Paperchase doesn’t make a complete loss on this line, but the mistake is very unhelpful – especially at a time when physical diaries are competing with digital alternatives.’
Richard Cope, a senior consult at analysts Mintel, said Paperchase had done the right thing by being honest about the mistake.
In a statement, Paperchase said: ‘The diaries have been a huge hit with our customers who like that we haven’t wasted them over a simple error’
Yet rather than repulping thousands of the misprinted diaries, the store has decided to slash 25 per cent off the price and sell them to customers
He said: ‘You can’t get away with brushing mistakes under the carpet in the days of social media.
‘But companies can use the new fluid relationship they have with consumers because of social media to be friendly and apologise.
‘If I was Paperchase, I’d be honest about it and even embrace this to say that clearly it is ahead of its time.’
As well as selling diaries online and in its stores across the UK, Paperchase also sells the items through its US website. It is unclear whether the diaries will be sold in its European or Middle Eastern outlets.
In September, Paperchase revealed its profits had plummeted 16.2 per cent in the year to January 2017, with the firm claiming it has endured a ‘difficult’ time since the Brexit vote.
In a statement, Paperchase said: ‘The diaries have been a huge hit with our customers who like that we haven’t wasted them over a simple error.’