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Carpetright sees a rise in Q2 sales

Total sales in the second quarter of the year have risen by more than 5 per cent at Carpetright, a few months after the Essex-based floor covering retailer issued its third profit warning in six months.

Carpetright, based in Purfleet, said like-for-like sales in the UK increased by 7 per cent in the 11 weeks to 11 October 2014, while total sales grew by 5.7 per cent.

In local currency terms, like-for-like sales in the Rest of Europe (Netherlands, Belgium and the Republic of Ireland) decreased 0.5 per cent on year.

Total sales declined by 0.8 per cent. After the impact of currency movements this translates to a 7.9 per cent decrease in total sales.

During the period, six stores were opened and ten closed. There are now 463 stores trading, of which 290 have now been modernised.

Chief executive Wilf Walsh said the group's continued focus on effective promotional activity in the UK has delivered "solid sales growth" throughout the period.

He added: "Trading across our Rest of Europe business has continued to improve with a further reduction in the rate of sales decline, arresting the very significant fall seen over the last 30 months, particularly in our Netherlands business.

"We expect this, along with an improvement in gross profit margin and a reduction in operating costs, will result in our businesses in the Netherlands and Belgium to be profitable for the first half of the financial year compared to the trading loss experienced in the prior year.

"Trading in the year to date remains in line with management's expectations and our view for the year as a whole remains unchanged."

Source : InsiderMedia

14 October 2014

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