Carpetright PLC Trading Update (9403F)

TIDMCPR

RNS Number : 9403F

Carpetright PLC

01 November 2018

Carpetright plc

Trading Update

Carpetright plc, Europe's leading specialist carpet and floor coverings retailer, today announces an update for the 26 week period ended 27 October 2018.

Headlines

 
 --   As previously reported, and as anticipated, trading in the first part of the period was heavily 
       impacted by disruption caused by the Group's restructuring announcements. 
 --   The implementation phase of this process commenced in earnest during the second quarter. 
 --   While as expected, like-for-like performance remained negative in this second part of the 
       period, there was an improvement in the trend, as the restructuring activity began to take 
       effect. 
 --   In this period, we closed 67 underperforming stores (UK: 65; Rest of Europe: 2), with a further 
       6 stores expected to close prior to the end of December 2018. 
 --   We remain confident of achieving the GBP19m of annualised benefits announced as part of the 
       recapitalisation of the Group in May 2018. 
 --   Our trading performance in the Rest of Europe (The Netherlands, Belgium and the Republic of 
       Ireland) has been slightly ahead of the same period last year. 
 --   A further update will be provided at the announcement of the interim results for the 26 weeks 
       ended 27 October 2018 on Tuesday, 11 December 2018. 
 

Wilf Walsh, Chief Executive, said:

"This is a transitional year for Carpetright as we work through our restructuring plan. I am pleased to report that this activity is firmly on track and has started to yield benefits as we create a right-sized and well-located portfolio of stores on sustainable rents. We also continue to modernise our existing estate as well as investing in our digital capability."

For further enquiries please contact:

Carpetright plc

Wilf Walsh, Chief Executive

Neil Page, Chief Financial Officer

Tel: [phone]

Citigate Dewe Rogerson

Kevin Smith / Nick Hayns

Tel: [phone]

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 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).

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November 01, 2018 03:00 ET (07:00 GMT)