Carpetright PLC 1st Quarter Results (3069I)
July 24 2012 - 2:00AM
UK Regulatory
TIDMCPR
RNS Number : 3069I
Carpetright PLC
24 July 2012
24 July 2012
Carpetright plc
Interim Management Statement
Carpetright plc, Europe's leading specialist carpet and floor
coverings retailer, today announces a trading update for the 12
weeks ended 21 July 2012.
Highlights
-- UK
o Like-for-like sales(2) in the UK increased by 1.7%, continuing
the positive trend experienced in the second half of the last
financial year. Total sales in the UK declined by 2.1% due to the
reduction in the number of stores year on year.
o Store base decreased by four during the period to 486, of
which 63 have now been refurbished.
-- Rest of Europe
o In local currency terms, total sales in the Rest of Europe
(Netherlands, Belgium and the Republic of Ireland) decreased by
5.2% with like-for-like sales down 6.3%. After allowing for the
movement in exchange rates, this translates to a total sales
decline in Europe of 13.6%.
o Store base increased by one to 143 and commenced a trial
selling beds in one store, in the Netherlands.
Darren Shapland, Chief Executive, said:
"We continue to be encouraged by the like-for-like sales growth
within the UK business. Excluding the expected decrease in sales
from the wholesale business(3) , our core UK retail business would
have reported like-for-like sales growth of 5.3%. This reflects, in
part, the success of self-help actions such as the development of
our bed proposition, extension of our laminate range to more stores
and the impact of our store refurbishment programme. We also
recognise that, this period does include some benefit from the
unusually wet weather, which has produced consistently positive
customer footfall to our stores. The gross margin for the period
continued to improve in line with our previously announced
expectations and we continue to project the full year to be in the
range of 200-250 basis points above the prior year.
"The key driver in the performance of the Rest of Europe has
been the deterioration of consumer confidence producing a weak and
volatile floor coverings market in the Netherlands. The Republic of
Ireland and Belgium continued to deliver sales growth.
"The result for this first quarter is in line with management's
expectations and at this early stage, our expectations for the year
as a whole remain unchanged."
The Group will report its pre-close trading update for the first
half of its financial year on 23 October 2012.
Analyst conference call
Darren Shapland will host a conference call for analysts at
08:30 BST today.
The dial in number is (0)20 3003 2666 with the passcode
5288042
Thereafter, for further enquiries please contact:
Carpetright plc
Darren Shapland, 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. 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.
3. Wholesale business included sales through insurance replacement and house builders
4. There have been no significant changes to the Group's financial position during the period.
5. 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: Group sales
12 weeks 12 weeks
to to
24 July 2012 23 July 2011
(previously
reported)
---------------------- --- -------------- --------------
Group Sales (4.3%) (1.5%)
UK
- Total (2.1%) (2.3%)
- Like-for-like 1.7% (0.2%)
Rest of Europe
- Total (in GBP) (13.6%) 1.7%
- Total (in local
currency) (5.2%) (2.3%)
- Like-for-like
(in local currency) (6.3%) (1.7%)
--------------------------- -------------- --------------
Appendix 2: Store portfolio
Store portfolio 24 July 2012 23 July 2011 28 April 2012
(Previously (Previously
reported) reported)
Stores Sq Ft Stores Sq Ft Stores Sq Ft
------------------ ------- ------ ------- ------ -------- ------
UK
Standalone 470 4,211 489 4,342 474 4,241
Concessions 16 29 25 49 16 29
Total 486 4,240 514 4,391 490 4,270
------------------ ------- ------ ------- ------ -------- ------
Europe
Republic of
Ireland 20 147 20 147 20 147
Netherlands 95 1,104 92 1,078 94 1,094
Belgium 28 329 28 329 28 329
Total 143 1,580 140 1,553 142 1,570
------------------ ------- ------ ------- ------ -------- ------
Total Group 629 5,810 654 5,944 632 5,840
------------------ ------- ------ ------- ------ -------- ------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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