UK's Carpetright Sees Losses Grow
London, England, June 25, 2013 -- Flooring retailer Carpetright said profits in its domestic market increased to $16.9 million in the year to April, up from $4.3 million the previous year.
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However, a drop in revenues across the rest of Europe, along with a number of write-downs related to properties and leases, pushed the group to an overall bottom-line loss of $7.9 million, compared with a profit of $20.9 million in 2012.
A store refurbishment program helped increase like-for-like revenues in the UK, but difficult trading conditions in the Netherlands contributed to an 11% decline in European sales.