Tomorrows Retail Flooring
CURRENT ISSUE
MEDIA PACK

CARPETRIGHT REPORTS SALES TURNAROUND AFTER MAJOR PRE-TAX LOSS

Floorcoverings retailer Carpetright has announced a return to like-for-like sales growth for the year ahead and promising future, despite a pre-tax loss of almost £25 million.

Floorcoverings retailer Carpetright has announced a return to like-for-like sales growth for the year ahead and promising future, despite a pre-tax loss of almost £25 million.

For the tax year ending on 27th April, the company experienced a loss of £24.8 million, down from a £53 million loss last year, while group revenues fell 13.4% to £386.4 million during the year.

The last 12 months have proved particularly challenging for Carpetright, which took out a Company Voluntary Arrangement (CVA) last year to close a number of stores.

However, things are now starting to look more positive for the business, as UK like-for-likes in the first eight weeks of the new financial year rose by 8.5%, compared to a 14.6% fall in the previous year.

Wilf Walsh, Carpetright Chief Executive, said: “2018/19 was a transitional year as we took tough but necessary action to address our legacy property issues and restructure the UK store estate.

“This difficult task was carried out against the backdrop of a challenging trading environment but was essential to put the business back on the path to sustainable profitability.

“We remain the clear number one player in floorcoverings, having maintained our market leadership during an exceptionally challenging period, and our brand attributes remain strong.”
 

Twitter feed

Visit our other websites