Trading Statement
April 28 2009 - 2:00AM
UK Regulatory
TIDMCPR
RNS Number : 2510R
Carpetright PLC
28 April 2009
Carpetright plc
Year End Pre-Close Period Announcement
Carpetright plc, Europe's leading specialist carpet and floor coverings
retailer, today announces an update on trading for the second half of the
financial year, ahead of entering its close period on 2 May 2009. This covers
the 25 week trading period from 2 November 2008 to 25 April 2009.
Group sales have decreased by 6.7% and the store base has increased by 4, to 693
stores by the period end.
The UK and Republic of Ireland business recorded a sales decrease of 11.7%, with
like-for-like store sales down by 15.1%. Trading for the last 12 weeks has
remained challenging, with like-for-like sales in line with the third quarter
performance, being down 15.3%. As previously reported, the gross margin was
level with the prior year at the half year. Since then, margins have been
affected by the appreciation of the Euro compared to Sterling which has impacted
cost prices, along with some increased promotional activity. As a consequence,
we expect the second half gross margin to be approximately 100 basis points
below last year. Within the UK and Republic of Ireland 15 stores opened during
the second half and 12 were closed, taking the total number of stores to 564,
including 60 concessions.
After recently acquiring 100% of the Sleepright business we have invested
considerable effort in store layouts, ranging, home delivery and staffing. We
are largely through this process and remain confident that it will prove to be a
very good acquisition for the Group.
Our business in the Rest of Europe (The Netherlands, Belgium and Poland),
continues to make progress, with sales in local currency increasing by 6.7%, and
like-for-like sales in local currency increasing by 0.7%. Like-for-like sales
in the last 12 weeks were down 1.4%. The Group opened three stores in Europe
and closed three in the second half, bringing the total in Rest of Europe to 128
stores.
Net debt at the year end is expected to be around GBP95m. As previously
announced, the Group has been negotiating the renewal of its principal banking
facilities. A new agreement has recently been signed with our principal existing
bankers, The Royal Bank of Scotland. This new facility provides the Group with
committed funds through to the end of July 2012. We have GBP25m of existing
facilities with other banks, making total available bank facilities GBP135m.
Lord Harris of Peckham, Chairman and Chief Executive, said:
"As expected, the UK trading environment has remained very difficult. The recent
trend in mortgage approvals is improving and we would expect to begin to see
this benefit in our sales later in the year.
Our business in Europe continues to grow and increase market share."
The Group will report its results for the 52 weeks ending 2 May 2009 on 30 June
2009.
Analyst conference call
Lord Harris will host a conference call for analysts at 08.15am this morning.
The dial in number is 0808 109 0700 from the UK or +44 203 003 2666
international, with the password Carpetright.
Thereafter, for further enquiries please contact:
+----------------------------------------+----------------------------------------+
| Carpetright plc | Tel: 01708 802000 |
| Lord Harris of Peckham, Chairman and | |
| Chief Executive | |
| Neil Page, Group Finance Director | |
| | |
+----------------------------------------+----------------------------------------+
| Citigate Dewe Rogerson | Tel: 020 7638 9571 |
| Kevin Smith / Angharad Couch | |
| | |
+----------------------------------------+----------------------------------------+
28 April 2009
Carpetright plc
Year End Pre-Close Period Announcement
+----------------------------+------------+------------+------------+------------+
| | 2008/2009 | 2007/2008 |
+----------------------------+-------------------------+-------------------------+
| Store Base - Numbers | 25 April | 25 October | 26 April | 27 October |
| | 2009 | 2008 | 2008 | 2007 |
+----------------------------+------------+------------+------------+------------+
| UK & RoI | 467 | 462 | 460 | 445 |
| Carpetright | 60 | 60 | 61 | 66 |
| Concessions | 37 | 39 | 38 | 35 |
| Storeys | | | | |
+----------------------------+------------+------------+------------+------------+
| | 564 | 561 | 559 | 546 |
+----------------------------+------------+------------+------------+------------+
| Rest of Europe* | 88 | 89 | 77 | 76 |
| The Netherlands | 28 | 28 | 28 | 28 |
| Belgium | 12 | 11 | 11 | 8 |
| Poland | | | | |
+----------------------------+------------+------------+------------+------------+
| | 128 | 128 | 116 | 112 |
+----------------------------+------------+------------+------------+------------+
| Group Total | 692 | 689 | 675 | 658 |
+----------------------------+------------+------------+------------+------------+
+----------------------------+------------+------------+------------+------------+
| | 2008/2009 | 2007/2008 |
+----------------------------+-------------------------+-------------------------+
| Store Space (knsf) | 25 April | 25 October | 26 April | 27 October |
| | 2009 | 2008 | 2008 | 2007 |
+----------------------------+------------+------------+------------+------------+
| UK & RoI | 3,976 | 3,963 | 3,965 | 3,888 |
| Carpetright | 117 | 119 | 123 | 139 |
| Concessions | 383 | 397 | 386 | 370 |
| Storeys | | | | |
+----------------------------+------------+------------+------------+------------+
| | 4,476 | 4,479 | 4,474 | 4,397 |
+----------------------------+------------+------------+------------+------------+
| Rest of Europe* | 1,045 | 1,081 | 895 | 888 |
| The Netherlands | 335 | 335 | 335 | 337 |
| Belgium | 125 | 115 | 115 | 83 |
| Poland | | | | |
+----------------------------+------------+------------+------------+------------+
| | 1,505 | 1,531 | 1,345 | 1,308 |
+----------------------------+------------+------------+------------+------------+
| Group Total | 5,981 | 6,010 | 5,819 | 5,705 |
+----------------------------+------------+------------+------------+------------+
* excludes joint venture in Germany
This information is provided by RNS
The company news service from the London Stock Exchange
END
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