Carpetright PLC Trading Update (3889U)
October 24 2017 - 2:00AM
UK Regulatory
TIDMCPR
RNS Number : 3889U
Carpetright PLC
24 October 2017
Carpetright plc
Trading Update
Carpetright plc, Europe's leading specialist carpet and floor
coverings retailer, today announces an update on trading for the 25
weeks ended 21 October 2017.
Highlights
* Total Group sales up 1.8%
* UK
o Like-for-like sales growth of 0.8%, with an increase of 2.1% within the flooring
category, offset in part by reduced bed sales which were impacted in the period
by an acceleration of re-ranging activity to improve the proposition. (notes
2, 3)
o A further 21 stores converted to the new brand identity - more than half the
estate now refurbished.
o Stores trading under our new brand identity continue to deliver sales growth
above comparable stores in the rest of the estate.
o Two stores were opened and nine closed in the year to date, giving a net reduction
of seven, leaving 419 trading locations.
* Rest of Europe (Netherlands, Belgium and the Republic of Ireland)
o In local currency terms, like-for-like sales increased by 6.3%.
o Total of 25 stores now refurbished with strong post-refurbishment performance.
o During the period, two stores were closed leaving 136 trading locations.
Wilf Walsh, Chief Executive, said:
"While trading conditions in the UK remained volatile over the
first half, the 2.1% increase in like-for-like sales in our core
flooring category is pleasing given the increased level of
competition. Total UK like-for-like sales in the period were
impacted in the short term by our decision to accelerate the
re-ranging activity in our beds business.
"Sales in our Rest of Europe business have been equally
volatile, but we have been encouraged by more recent like-for-like
sales growth, in part reflecting the strong post-refurbishment
performance of the 25 rebranded stores we have now completed.
"Whilst we expect the Group first half profit to be below that
of the prior year, we are pleased with the improvement in sales in
the Rest of Europe and beds in the UK over the past few weeks. When
these are combined with continued progress in our core flooring
category we expect a significantly stronger second half with full
year profit within the current range of market expectations.
"We look forward to updating our shareholders on the progress in
our plan and momentum in the business at our first half results
presentation in December."
The Group will report its interim results for the first half of
the current financial year on Tuesday, 12 December 2017.
For further enquiries please contact:
Carpetright plc
Wilf Walsh, Chief Executive
Neil Page, Chief Financial Officer
Tel: 01708 802000
Citigate Dewe Rogerson
Kevin Smith / Nick Hayns
Tel: 020 7638 9571
Further information on Carpetright plc, including an alert
service for latest company news, can be found at
http://www.carpetright.plc.uk/
A copy of this trading statement will be available on our
website from 7.00am today.
Notes
1. Consensus for the year ending 28 April 2018 is for Group underlying profit
before tax to be GBP15.8m, with a range from GBP13.8m to GBP16.7m.
2. Sales represents amounts payable by customers for goods and services before
deducting VAT and other charges.
3. Like-for-like sales calculated as this year's sales compared to last year's
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.
4. There have been no significant changes to the Group's financial position
during the period.
Notes to Editors
Carpetright plc is Europe's leading specialist floor coverings
and beds retailer. Since the first store was opened in 1988 the
business has developed both organically and through acquisition
within the UK and other European countries. The Group is organised
into two geographical regions, the UK and the Rest of Europe
(comprising The Netherlands, Belgium and the Republic of
Ireland).
Appendix 1: Group Sales
Current Previous Financial
Financial Year
Year
----------------------------------------------- ----------- ---------------------
25 weeks 26 weeks 52 weeks
to to to
21 Oct 29 Oct 29 April
2017 2016 2017
----------------------------------------------- ----------- --------- ----------
UK
* Total (0.6%) (6.4%) (2.6%)
* Like-for-like 0.8% (2.9%) (0.5%)
Rest of Europe
* Total (in local currency) 7.5% (1.4%) 2.0%
* Like-for-like (in local currency) 6.3% (1.5%) 2.5%
* Total (in GBP) 14.4% 11.9% 16.4%
----------------------------------------------- ----------- --------- ----------
Group Sales (in GBP) 1.8% (3.8%) 0.2%
----------------------------------------------- ----------- --------- ----------
Appendix 2: Store portfolio
Current Previous
Financial Financial Year
Year
----------------- ------------------------------------
Store portfolio As at Interim Year end
21 Oct 29 Oct 29 April
2017 2016 2017
----------------- ----------------- -----------------
Stores Sq Stores Sq Stores Sq
ft ft ft
'000 '000 '000
------------------ ------- -------- ------- -------- ------- --------
UK
Standalone 411 3,629 415 3,672 414 3,669
Concessions 8 11 14 26 12 22
Total 419 3,640 429 3,698 426 3,691
------------------ ------- -------- ------- -------- ------- --------
Europe
Republic of
Ireland 21 157 21 157 21 157
Netherlands 92 958 93 950 94 975
Belgium 23 228 23 235 23 228
Total 136 1,342 137 1,342 138 1,360
------------------ ------- -------- ------- -------- ------- --------
Total Group 555 4,982 566 5,040 564 5,051
------------------ ------- -------- ------- -------- ------- --------
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTEAXEDAESXFFF
(END) Dow Jones Newswires
October 24, 2017 02:00 ET (06:00 GMT)
Carpetright (LSE:CPR)
Historical Stock Chart
From Jun 2024 to Jul 2024
Carpetright (LSE:CPR)
Historical Stock Chart
From Jul 2023 to Jul 2024