Retailer Results / Carpetright

26/04/2016

Carpetright

Trading Update
Period covers 12 weeks ended 23 April 2016

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26/01/2016

Carpetright

Trading Update
Period covers 12 weeks ended 23 January 2016

Highlights

Key Numbers - UK
• Sales in the four weeks to 23 January 2016, up 6.0 per cent on a like-for-like basis.
• Sales for the twelve week period up 2.4 per cent on a like-for-like basis. Total sales declined by 1.3 per cent.
• Full year guidance of a decline in gross profit percentage revised to between 100 and 150 basis points to reflect a more promotional marketplace and a greater proportion of beds and smooth flooring in the sales mix.
• Four stores were opened and six closed during the period, leaving 436 trading locations.

Key Numbers - Rest of Europe
• In local currency terms, like-for-like sales in the Rest of Europe (Netherlands, Belgium and the Republic of Ireland) increased by 4.2 per cent on year.
• Total sales increased by 4.4 per cent. After the impact of currency movements this translates to a 2.7 per cent decrease in total sales.
• Two stores opened and two closed during the period, leaving 138 trading locations.

• The Group's full year profit expectations are unchanged

Summary

These latest results are positive delivering +6.0 per cent LFL over the four weeks to 23 January and +2.4 per cent in the 12 week period. Although management commented that there was softening in LFL in the pre-Christmas period, reflecting lower footfall, the all-important January sales period saw stronger levels of demand. The +6.0 per cent growth, covering this period shows very strong growth and customers responded well to interest free credit offers and Boxing Day sales.

Overall, profit expectations remain unchanged.

Wilf Walsh, Chief Executive, said: "In the UK, we delivered our ninth consecutive quarter of like-for-like sales growth. While we saw some softening of like-for-likes in the pre-Christmas period, reflecting lower footfall, customer numbers recovered in the important January sale period. Our trading performance over the last four weeks, with like-for-like growth of 6.0 per cent against exceptionally strong prior year comparatives, gives us confidence that the enhanced interest free credit offer and strong promotions launched on Boxing Day are hitting the spot with our customers. Like-for-like sales growth in our Rest of Europe business was better than expected as consumer spending continued to recover, particularly in the Netherlands and the Republic of Ireland."


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