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Wednesday March 15th 2006
Floors 2 Go toughs it out
Archived article dated Wednesday March 15th 2006
Tough market conditions result in an 18 per cent fall in like for like sales.
Floors 2 Go were able to partially offset this fall through margin improvement and cost control. Gross margin improved to 49.8 per cent. 28 new stores opened, 8 concessions closed (all in Texstyle World stores) and 2 relocated and up to 15 new store openings are planned for 2006.
Simon Farnsworth, Chief Executive, said, "The floor coverings market was exceptionally tough in 2005 and conditions in 2006 remain challenging. Against this background we managed the business tightly and achieved a reasonable performance from a cash and profit perspective. We have further strengthened the senior management team with the appointment of a new Chairman, Alan Smith, who comes to us with considerable plc and retail experience".
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