18 May 2024, 13:27
By Furniture News Jun 30, 2015

Positive turnaround for Carpetright

The year ending 2nd May 2015 saw Carpetright's UK like-for-like sales increase by 7.3%, and underlying operating profits up 33.6% to £14.3m. Carpetright's UK store base reduced by a net of 12 during the year, to 460 stores.

Group revenue increased 3.3% to £462.6m, seeing a significant increase in underlying profit before tax to £13m – up from £4.6m in 2014.

Commenting on the results Wilf Walsh, chief executive, says: “I am pleased to able to report on a year of significant progress. The group has delivered substantial growth in profit, strong and consistent like-for-like sales growth in the UK, a return to profit in the rest of Europe and a net cash position at the end of the period.

“Today we’re giving a progress update on a range of strategic initiatives that will broaden the appeal of the Carpetright brand and reposition the business, to ensure it is better able to capitalise on its market leadership position. We have made a promising start with these plans, establishing a real momentum for change within the business. 

“I am also pleased to report that customer reaction to the first phase of activity has been positive, supporting encouraging trading in the opening period of new financial year, with UK like-for-like sales being ahead by 4.9% in the eight weeks to 27 June 2015.  

“While this is just the beginning of the journey to transform Carpetright, we have a clear direction and the positive results we are seeing from a number of our initial activities give us confidence that we are on the right path.”

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