Interim Management Statement (4194A)
February 01 2011 - 2:00AM
UK Regulatory
TIDMCPR
RNS Number : 4194A
Carpetright PLC
01 February 2011
Embargoed until 7am, 1 February 2011
1 February 2011
Carpetright plc
Interim Management Statement
Carpetright plc, Europe's leading specialist carpet and floor
coverings retailer, today announces a trading update for the 13
weeks ended 29 January 2011.
Highlights
-- Group sales declined by 6.4%, with the year on year effect of
closing our operations in Poland accounting for 0.4% of this
decline.
-- The Group's store base decreased by eight to 6942 stores at
the period end.
-- UK and Republic of Ireland sales declined by 5.0%, with
like-for-like sales3 down 7.7%.
-- In local currency terms, total sales in Rest of Europe (The
Netherlands and Belgium) decreased by 3.5% with like-for-like sales
down 5.0%. After allowing for the movement in exchange rates, this
translates to a total sales decline of 11.2%.
-- Full year profit to be below market expectations.
26 weeks to
30 October 2010
13 weeks to 39 weeks to (Previously
29 January 2011 29 January 2011 reported)
----------------- -----------------
Group Sales (6.4%) (4.6%) (3.9%)
UK & RoI
- Total (5.0%) (3.4%) (2.7%)
- Like-for-like (7.7%) (6.2%) (6.1%)
Rest of Europe (continuing businesses)
- Total (in GBP) (11.2%) (7.5%) (6.9%)
- Total (in local
currency) (3.5%) (2.1%) (2.4%)
- Like-for-like (in
local currency) (5.0%) (3.1%) (2.9%)
--------------------- ----------------- ----------------- -----------------
Lord Harris of Peckham, Chairman and Chief Executive, said:
"The tough trading conditions in the UK and Republic of Ireland
have continued into the third quarter of our financial year, with
adverse weather conditions and fragile consumer confidence
producing a difficult floor coverings market.
"As we stated at our last update, we were expecting January
trading to be boosted by the impact of snow in the comparative
period. Although we have achieved an increase in sales year on year
since Christmas, this has not been at the level expected. This
causes us to remain cautious about the outlook for the remainder of
the financial year.
"We expect the total UK & Republic of Ireland full year
margin to be in line with previous guidance of a 50 basis point
increase on last year. The focus on effective cost management has
continued.
"Given the difficult trading conditions and the likely outturn
for the balance of the year, the Board now expects profits for the
year to 30 April 2011 will be below last year and below the current
range of market expectations, although ahead of those achieved in
the 2009 full year.
"There have been no significant changes to the Group's financial
position during the period and the business remains well placed to
capitalise on opportunities when economic conditions improve."
The Group will report its usual year end pre-close trading
update on Wednesday 27 April 2011 in advance of its year end on 30
April 2011.
Analyst conference call
Lord Harris will host a conference call for analysts at 8:30am
today.
The dial in number is 0845 634 0041 with the passcode
4251417.
Thereafter, for further enquiries please contact:
Carpetright plc
Lord Harris of Peckham, Chairman and Chief Executive
Neil Page, Group Finance Director
Tel: 01708 802000
Citigate Dewe Rogerson
Kevin Smith / Lindsay Noton
Tel: 020 7638 9571
A copy of this trading statement will be available on our
website www.carpetright.plc.uk today from 7.00am
Notes
1. All sales figures are quoted after deducting VAT.
2. Excludes Sleepright within Carpetright locations.
3. Like-for-like sales calculated as this year's net sales
divided by last year's net sales for all stores that are at least
12 months old at the beginning of our financial year. Stores closed
during the year are excluded from both years. No account is taken
of changes to store size or introduction of third party
concessions. Sales from insurance and house building contracts are
supplied through the stores and included in their figures.
4. Certain statements in this report are forward looking.
Although the Group believes that the expectations reflected in
these forward looking statements are reasonable, we can give no
assurance that these expectations will prove to have been correct.
Because these statements contain risks and uncertainties, actual
results may differ materially from those expressed or implied by
these forward looking statements. We undertake no obligation to
update any forward looking statements whether as a result of new
information, future events or otherwise.
Appendix 1: Store portfolio
30 October 2010
Store portfolio 29 January 2011 (Previously reported)
Sites Sq Ft Sites Sq Ft
---------------------- -------- -------- ------------ -----------
UK & RoI
Standalone 532 4,671 537 4,699
Concessions 42 99 47 118
Total 574 4,770 584 4,817
---------------------- -------- -------- ------------ -----------
Rest of Europe
The Netherlands 92 1,077 90 1,065
Belgium 28 335 28 335
Total 120 1,412 118 1,400
---------------------- -------- -------- ------------ -----------
Total Group 694 6,182 702 6,217
---------------------- -------- -------- ------------ -----------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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