Carpetright registers record sales in weak market

14 Dec '05

2 min read

Europe's leading carpet & floor covering retailer Carpetright plc releases its interim results for the 26 weeks to 29 October 2005.

Highlights
Group
- Profit before tax down 18.9 to £24.9m (2004: £30.7m)
- Underlying profit before tax down 30.5 to £22.1m (2004 : £31.8m)
- Underlying profit margin remains strong at 10.2
- Underlying earnings per share of 22.4p, down 28.7 on last year
- Basic earnings per share of 25.3p down 15.1 on last year
- Interim dividend maintained at 19.0p

UK and Republic of Ireland
- Underlying operating profit down 31.0 to £21.6m (2004 : £31.3m)
- Like for like sales decline of 7.1
- Continued increase in market share and ongoing store expansion
- Acquisition of Mays completed
- Successful implementation of SAP as the Group's core central IT system

Europe
- Underlying operating profit of £1.4m (2004 : £1.4m)
- Comparable product sales growth of 7.2 following completion of store re-branding programme
- 4 new stores opened

Lord Harris, Chairman and Chief Executive stated that despite weak market conditions the Group has continued to deliver robust operating profits and cashflows.

The UK and Republic of Ireland business has grown market share with strong offers, attractive product ranges and high levels of customer service. A net 12 new stores have been opened and the business plans to open a further net 10 stores in the second half.

In Europe sales growth remains strong in both Belgium and The Netherlands. The store re-branding programme is complete and the Group is now focusing on store expansion as well as continuing to grow sales in existing stores.

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