UK’s Carpetright Posts Better Than Expected Result
London, England, January 30, 2007--Carpetright, Britain's largest carpet retailer, posted better-than-anticipated third-quarter figures, with like-for-like sales just about positive versus expectations of a drop.
Overall sales in the UK and Ireland rose by 7% while like-for-like sales edged 0.1% higher in the 13 weeks to January 27.
Most analysts had expected like-for-like sales to fall.
Elsewhere in Europe--in Belgium, the Netherlands and Poland--total sales jumped by 12.5% with like-for-like sales up by 4.9%.
The company opened 13 new stores in the UK and Ireland and closed four, taking the total to 503, including 65 concessions. It also opened two stores in the Netherlands and a further two in Poland, bringing the group total to 608 stores.
Carpetright has plans to open another 20 stores before the end of its financial year on April 27.
Lord Harris of Peckham, chairman and chief executive, said: "We are satisfied with our overall performance.
"The group has continued to grow sales in all of its businesses with new space contributing strongly. We are especially pleased with the performance of our concessions stores."
The figures come after stronger-than-expected half-year results when Carpetright reported an 11.2% increase in pre-tax profits to £27.7m.
House broker Seymour Pierce has pencilled in underlying profits of £64.2m for this year, compared with £62.3m last time.
