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CPR Carpetright Plc

4.955
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Carpetright Plc LSE:CPR London Ordinary Share GB0001772945 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 4.955 4.85 5.08 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Carpetright PLC Trading Update (1820D)

25/04/2017 7:00am

UK Regulatory


Carpetright (LSE:CPR)
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TIDMCPR

RNS Number : 1820D

Carpetright PLC

25 April 2017

Carpetright plc

Trading Update

Carpetright plc, Europe's leading specialist carpet and floor coverings retailer, today announces an update on trading for the 12 weeks ended 22 April 2017.

Highlights

 
 
   *    Continued growth in the UK, with like-for-like sales 
        up 1.4% despite tougher market conditions experienced 
        across the period. 
 
   *    Rest of Europe continues to benefit from improving 
        economic confidence and positive currency impact. 
 
   *    Full year profit expected to be within the current 
        range of market expectations, albeit towards the 
        lower end.(note 1) 
 
 *    UK 
 
      o In a more difficult consumer environment, like-for-like sales were 
       up 1.4% in the twelve week period. (notes 2, 3) 
      o Further acceleration of store refurbishment programme with 188 stores 
       trading under the new brand identity by period end, delivering sales 
       growth above comparable stores in the rest of the estate. 
      o Three new stores opened in Liverpool, Leeds and Bath. 
      o Continued progress in reducing fixed operating costs, with two stores 
       relocated into smaller units and three closures, leaving a total of 
       427 trading locations. 
 
 *    Rest of Europe 
 
      o In local currency terms, like-for-like sales in the Rest of Europe 
       (Netherlands, Belgium and the Republic of Ireland) increased by 1.4%. 
       Total sales increased by 1.9%, this translates to an increase of 11.0% 
       in reported currency. 
      o One store relocated to a smaller unit, leaving 138 trading locations. 
 

Wilf Walsh, Chief Executive, said:

"In common with other retailers in the home improvement sector in the UK we have experienced tougher trading conditions over the last three months. Having said that, we are pleased to report continued like-for-like sales growth, with an increase of 1.4% in our fourth quarter.

"Following a further acceleration of the investment programme in the final quarter we have completed 188 store refurbishments - surpassing our target of 150 stores, which represents over 40% of the UK estate. Despite the inevitable disruption factor, the performance of these refurbished stores has been encouraging giving us confidence to continue with the programme.

"Trading in the Rest of Europe was in line with our expectations, underpinned by a continuing recovery in economic confidence, particularly in the Netherlands.

"Whilst we remain confident in our turnaround plan, the level of sales growth in our final quarter leads us to expect that full year profits will be towards the lower end of the current range."

The Group will report its preliminary results for the financial year ending 29 April 2017 on Tuesday, 27 June 2017.

For further enquiries please contact:

Carpetright plc

Wilf Walsh, Chief Executive

Neil Page, Chief Financial Officer

Tel: 01708 802000

Citigate Dewe Rogerson

Kevin Smith / Nick Hayns

Tel: 020 7638 9571

Further information on Carpetright plc, including an alert service for latest company news, can be found at http://www.carpetright.plc.uk/

A copy of this trading statement will be available on our website from 7.00am today.

 
 Notes 
 1. Consensus for the year ending 29 April 2017 is for Group underlying profit before 
  tax to be GBP15.2m, with a range from GBP13.9m to GBP16.2m. 
 2. Sales represents amounts payable by customers for goods and services before deducting 
  VAT and other charges. 
 3. Like-for-like sales calculated as this year's sales compared to last year's sales 
  for all stores that are at least 12 months old at the beginning of our financial 
  year. Stores closed during the year are excluded from both years. No account is taken 
  of changes to store size or introduction of third party concessions. 
 4. There have been no significant changes to the Group's financial position during 
  the period. 
 

Notes to Editors

Carpetright plc is Europe's leading specialist floor coverings and beds retailer. Since the first store was opened in 1988 the business has developed both organically and through acquisition within the UK and other European countries. The Group is organised into two geographical regions, the UK and the Rest of Europe (comprising The Netherlands, Belgium and the Republic of Ireland).

Appendix 1: Group Sales

 
                                                         Current Financial           Previous Financial 
                                                                Year                         Year 
-----------------------------------------------  --------------------------------  ---------------------- 
                                                   12 weeks   25 weeks   51 weeks    12 weeks    52 weeks 
                                                         to      to 22      to 22          to          to 
                                                   22 April      April      April    23 April    30 April 
                                                       2017       2017       2017        2016        2016 
-----------------------------------------------  ----------  ---------  ---------  ----------  ---------- 
 UK 
 
        *    Total                                   (0.1%)       0.4%     (2.7%)      (2.9%)      (1.3%) 
 
        *    Like-for-like                             1.4%       1.7%     (0.6%)        0.7%        2.8% 
 Rest of Europe 
 
        *    Total (in local currency)                 1.9%       3.4%       1.7%        2.6%        4.9% 
 
        *    Like-for-like (in local currency)         1.4%       3.3%       2.2%        1.9%        4.8% 
 
        *    Total (in GBP)                           11.0%      16.4%      16.4%       10.7%      (1.2%) 
-----------------------------------------------  ----------  ---------  ---------  ----------  ---------- 
 
   Group Sales (in GBP)                                1.6%       2.7%       0.0%      (0.9%)      (1.3%) 
-----------------------------------------------  ----------  ---------  ---------  ----------  ---------- 
 

Appendix 2: Store portfolio

 
                                   Current                              Previous 
                                Financial Year                        Financial Year 
                    ------------------------------------  ------------------------------------ 
 Store portfolio             22 April         28 January           23 April           Year end 
                                 2017               2017               2016           30 April 
                                                                                          2016 
                    -----------------  -----------------  -----------------  ----------------- 
                     Stores        Sq   Stores        Sq   Stores        Sq   Stores        Sq 
                                   ft                 ft                 ft                 ft 
                                 '000               '000               '000               '000 
------------------  -------  --------  -------  --------  -------  --------  -------  -------- 
 UK 
      Standalone        414     3,669      414     3,662      419     3,732      420     3,734 
      Concessions        13        24       13        24       15        29       15        29 
 Total                  427     3,693      427     3,686      434     3,761      435     3,763 
------------------  -------  --------  -------  --------  -------  --------  -------  -------- 
 Europe 
      Republic 
       of Ireland        21       157       21       157       21       157       21       157 
      Netherlands        94       963       94       969       93     1,037       93       985 
      Belgium            23       235       23       235       23       252       22       245 
 Total                  138     1,355      138     1,360      137     1,446      137     1,387 
------------------  -------  --------  -------  --------  -------  --------  -------  -------- 
 
   Total Group          565     5,048      565     5,046      571     5,207      572     5,150 
------------------  -------  --------  -------  --------  -------  --------  -------  -------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

TSTEAXLLAEFXEFF

(END) Dow Jones Newswires

April 25, 2017 02:00 ET (06:00 GMT)

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