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Carpetright profits on track

Carpet and floor covering retailer Carpetright has said its underlying pre-tax profit expectations for the full year remain unchanged at £17.3 million after UK like-for-like sales edged up 0.7% in the three months to 23 April.

GENERAL MERCHANDISE

Carpetright profits on track

Carpet and floor covering retailer Carpetright has said its underlying pre-tax profit expectations for the full year remain unchanged at £17.3 million after UK like-for-like sales edged up 0.7% in the three months to 23 April.

In local currency terms, like-for-like sales in the Netherlands, Belgium and the Republic of Ireland increased by 1.9% in the period.

The results mean that like-for-like sales in the UK and Europe have risen by 2.9% and 4.6% respectively in the financial year to date.

Carpetright chief executive Wilf Walsh said: "The UK business continued to make progress in the final quarter, against strong comparatives in the prior year and in a market which was increasingly competitive.

“Against this background, we have delivered two year compound like-for-like sales growth in excess of 10% and, having rebalanced our promotional activity, are pleased to report revised gross margin guidance for the full year of a decline of around 80-100 basis points, an improvement on the previous range.”

During the period, Carpetright closed two UK stores to make a total of 35 store closures and nine openings during the year. This has left the retailer with 434 trading locations in the UK.

Carpetright will report its preliminary results for the financial year ending 30 April on 28 June 2016.

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