Today I’m looking at three hot growth stars making the headlines in Tuesday’s session.

Card play canters on

Despite the release of yet another positive trading update, greetings card specialist Card Factory (LSE: CARD) couldn’t beat the wider stock market washout and the business was last dealing 0.5% lower in Tuesday’s session.

Card Factory announced like-for-like sales up 2.8% in the 11 months to December, speeding up from the 1.8% rise posted in the prior 12 months. Total sales galloped 8.1% higher in the period, helped by huge investment in its online operations as well as further store openings — the Wakefield business opened a further 50 net stores since last January.

With Card Factory’s expansion strategy still having plenty left in the tank, the City expects earnings to advance 14% in the year to January 2016 and a further 7% in 2017. These forecasts produce slightly heady P/E multiples of 19.9 times and 18.6 times, respectively, but I believe Card Factory’s improving momentum merits this premium.

Electricals star keeps on firing

Gadgets and white goods retailer Dixons Carphone (LSE: DC) grabbed the front pages on Tuesday after announcing the closure of 134 stores. The retailer attributed the move to the success of its “3-in-1” store concept, rolling up its Currys, PC World and Carphone Warehouse brands into single 3-in-1 stores. The business feels confident the move will improve the customer experience as well as cutting costs.

The market responded by sending shares in the business down 1.5% on Tuesday, with investors also shrugging-off further positive sales news. Dixons Carphone advised that like-for-like revenues increased 5% in the 10 weeks to 9 January, a solid performance that prompted the firm to estimate full-year earnings at £440m to £450m, beating broker consensus.

The number crunchers are already bullish over the firm’s long-term growth prospects and expect earnings expansion of 6% and 11% for the years to April 2016 and 2017, respectively. These figures create P/E readings of 16.8 times and 15.3 times for these periods, making Dixons Carphone an attractively-valued growth pick at current prices.

Flooring play moving forwards

On a day of more share market misery, it can be considered some achievement that Carpetright (LSE: CPR) has been one of the day’s major movers, even if for all the wrong reasons. The stock was recently dealing 11% lower from Monday’s close, although I believe this weakness is a prime bargain opportunity.

The furnishings specialist advised that like-for-like sales jumped 6% in the four weeks to 23 January. This bubbly post-Christmas performance helped underlying sales in the three months to last Friday advance 2.2%, and resulted in Carpetright’s ninth successive quarter of like-for-like sales expansion.

And I believe the company’s drive to shutter underperforming stores and open new outlets, not to mention extensive rebranding to attract more affluent customers, should keep the sales registers busy.

The City expects Carpetright to punch earnings growth of 25% in the year to April 2016, and an extra 28% advance is chalked-in for the following period. Sure, the retailer may sport chunky P/E ratings of 23.7 times and 19.2 times for 2016 and 2017, respectively, but I expect these figures to keep toppling in the years ahead.

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Royston Wild has no position in any shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.