Profits narrow at United Carpets
Carpet and flooring retailer United Carpets saw its interim pre-tax profit drop to £589,000 from £640,000 in the same period in the previous year as the company invested in its online operations and its beds category.
While revenue in the six months to 30 September fell to £9.97 million from £10.20 million a year earlier, like-for-like sales were up 2.9%. The company said like-for like sales had improved further since the half year.
The reduction in revenue was due to a small decrease in the average number of corporate stores in the period compared to the previous year.
Paul Eyre, United Carpets chief executive, said: "Investment to support the group's online activities and Beds operation reduced profits slightly in the first half although this is being offset by operational actions that are already beginning to bear fruit in the second half.”
Looking ahead, he added: “As with other markets there is fragility to the current retail environment which undoubtedly reflects the general uncertainty across the economic and political spectrums. We remain focused on our areas of expertise which ultimately all lead to delivering excellent quality and value for money to our customers."
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