27 May 2024, 13:11
By Furniture News Nov 01, 2018

Carpetright "heavily impacted" by restructure

Trading in H1 was "heavily impacted by disruption caused by the group’s restructuring announcements" reports Carpetright in its latest trading update, covering the period ended 27th October 2018.

LFL performance remained negative in Q2 yet saw some improvement as the restructuring activity began to take effect.

During H1, Carpetright closed 65 underperforming UK stores, and a further six are expected to close before the end of December.

The retailer remains confident of achieving the £19m of annualised benefits which were announced as part of the recapitalisation of the group in May.

Chief executive Wilf Walsh says: “This is a transitional year for Carpetright as we work through our restructuring plan. I am pleased to report that this activity is firmly on track and has started to yield benefits as we create a right-sized and well-located portfolio of stores on sustainable rents. We also continue to modernise our existing estate as well as investing in our digital capability.”

Trading in The Netherlands, Belgium and the Republic of Ireland was slightly ahead YoY.

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