Carpetright reports jump in profits
Carpetright has seen its full year underlying pre-tax profit climb to £13 million, excluding exceptional items, from £4.6 million in the previous year.
In the year to 2 May 2015, group revenue increased by 3.3% to £462.6 million.
While like-for-like sales rose by 7.3% in the UK, sales in the Rest of Europe edged up 0.3% as the group made a return to profit in the region.
Carpetright chief executive Wilf Walsh said: “I am pleased to able to report on a year of significant progress. The group has delivered substantial growth in profit, strong and consistent like-for-like sales growth in the UK, a return to profit in the Rest of Europe and a net cash position at the end of the period.
“While this is just the beginning of the journey to transform Carpetright, we have a clear direction and the positive results we are seeing from a number of our initial activities give us confidence that we are on the right path.”
In the UK, Carpetright’s store base was reduced by a net twelve during the year to take the total to 460 stores. In the Rest of Europe, store numbers dropped to 137 after a net reduction of five.
Giving an update on current trading, Carpetright said it had made an encouraging start to the new financial year with like-for-like sales ahead by 4.9% in the UK and by 7.4% in the Rest of Europe on a local currency basis.
The group also revealed that it is currently in the process of updating its brand positioning to make it “more in tune” with the contemporary retail market.
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