Carpetright sales increase
The company has announced its first half trading update for the first 23 weeks (representing the period 29 April to 6 October 2007) of the 53 week year ending 3rd May 2008.
Group sales have increased by 10.3% and the store base has increased to 658 stores.
The UK and Republic of Ireland business, including Storeys, has recorded a total sales increase of 9.8%. Like-for-like sales (which excludes Storeys) have declined by 0.8% whilst the gross margin has increased by over 1%.
The Rest of Europe (Belgium, The Netherlands and Poland) has recorded a total sales increase of 13.8% with like-for-like sales up by 8.1%.
Within the UK and Republic of Ireland 21 stores have opened and 17 stores have closed taking the total number of stores to 546 including 32 Storeys stores.
Across the Rest of Europe, the Group has opened two stores in Poland and one in the Netherlands taking the total to 112 stores.
The Group has continued to take direct action on the cost base. The continuing roll-out of the new store system (Navision) has enabled UK staffing levels to be reduced by over 100 people since the end of January 2007. In addition,the Group has sublet space in over 50 stores to Sleepright, a start-up bed retail format.
Lord Harris of Peckham, Chairman and Chief Executive, said,’We are pleased with our overall performance across the Group particularly in Europe. I believe that our market share is increasing in all our markets. Trading conditions in the UK and RoI remain uncertain but we are continuing to offer our customers outstanding value, through strong promotions, and we will continue to cut costs where possible, relocate to smaller stores where appropriate and focus on cash generation.’
The Group’s interim results for the six months to 27 October 2007 will be presented on 11 December 2007.
