United Carpets says early store trading has been encouraging
United Carpets has said early trading in its stores has been encouraging since the easing of lockdown and appears to reflect some initial pent up demand amongst consumers.
In a trading update, the retailer said its store network is now fully open with the required social distancing and Covid-19 hygiene measures in place.
It said losses during the period of enforced store closures have been mitigated as far as possible, although the company has also been focusing its attention on cash conservation and is currently in the advanced stages of negotiating additional funding under the Coronavirus Business Interruption Loan Scheme. As a result, it now believes the business will have sufficient liquidity to meet its requirements going forward during the remainder of the Covid-19 crisis period.
Paul Eyre, chief executive of United Carpets, said: “This has been an extraordinary period for all companies and particularly so for the retail sector. As a result of a strong balance sheet and the recent cash conservation strategy, we are confident of meeting our financial commitments and have sufficient funds to continue the recovery of the business over the coming months.”
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