UK’s Carpetright Earnings Up Despite Laminate Decl
London, England, December 12, 2006--Carpet and flooring retailer Carpetright reported a continuing rise in profits for the first half and said the laminate market appears to have stabilised after a couple of tough years, according to ShareCast.
"The laminate market appears to have stabilised following two years of decline and the laminate ranges in store have been simplified," said the group adding that the decline was more than offset by growth in rug sales.
Carpetright reported an 11.2% increase in pre-tax profit to £27.7m for the first half to October compared with £24.9m a year ago. Earnings per share rose 10.7% to 28.0p and net debt fell to £22.9m against £49.7m.
"We are pleased with Carpetright's first half performance. Sales and margin growth have enabled the Group to deliver a strong increase in underlying operating profit," said chairman and chief executive Lord Harris.
Carpetright added that it expects cost inflation to start to moderate in 2007, which it said would be supported by a move into smaller, cheaper units.
