Tough times for Carpetright plc
In its interim Results for the 26 weeks ended 30 October 2010, the company says that it generated total Group revenue of £248.0m (2009: £258.0m). Profit before tax was £9.8m (2009: £11.0m).
In the UK and Republic of Ireland total revenuedeclined by 2.7% to £207.6m, with like-for-like sales down 6.1%. Underlying operating profit decreased 31.9% to £9.6m (2009: £14.1m). The company’s store base is now 584, a reduction of two.
Total reported revenue for the Rest of Europe declined by 6.9% to £40.4m, Like-for-like sales were down by 2.9% in local currency. Underlying operating profit decreased by 26.8% to £3.0m (2009: £4.1m)
The store base increased by one to 118 stores.
Commenting on the results, Lord Harris of Peckham, Chairman and Chief Executive, said, "The economic and consumer environment remained challenging in the first half. Against this backdrop, the Group continued to trade profitably and generate net cash.
"Whilst we remain cautious about the retail market in the balance of the financial year and throughout 2011, the Board has confidence that the Group is well positioned to deliver future sales growth when consumer demand in our sector improves."
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