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Carpetright posts drop in sales, profits in H1

RBR Staff Writer Published 11 December 2013

Europe’s carpet and floor coverings retailer Carpetright posted fall in sales and profits for the 26-week trading period ended 26 October 2013, due to tough and challenging period.

Carpetright

The chain's profit attributable to owners of the parent was £1.9m, compared to a loss of £6.4m in the previous year.

Revenue for the interim period slipped to £222.2m, from last year's £227.2m.

Total group sales decreased by 2.2% to £222.2m, with the UK business down by 2.2%. A decline of 2.4% was registered in the rest of Europe.

Profit before tax for the period was £1.9m, compared to pre-tax loss of £7.9m in the prior year period. Underlying profit before tax fell to £3m from £4.5m in the prior year.

Underlying profit attributable to owners of the parent declined to £2.2m from last year's £2.6m.

During the half year, the group opened seven stores and closed 11, which gave a net decrease of four stores, resulting in a store base of 616.

Commenting on the results, Carpetright executive chairman Lord Harris said against a backdrop of volatile trading conditions, the company's first half performance reflects an improvement in profits in the UK, driven by the continued success of the company's self-help initiatives.

"While we anticipate trading conditions will remain challenging, we expect these self-help initiatives will underpin an improvement in Group performance in the second half and our expectations for the year as a whole remain unchanged," Harris added.

Geographically, the company operates in the UK, the Netherlands, Belgium and Republic of Ireland (ROI). The product portfolio of the company includes a broad range of rugs, vinyls, carpets, doormats, laminates and related accessories.

Image: Carpet Right store in County Armagh, Northern Ireland. Photo: Courtesy of Ardfern.