UK based specialist carpet and floor coverings retailer Carpetright plc today released its preliminary results for the year until the end of April 2013, which revealed that its underlying operating profits before tax have increased to £9.7m, more than double profits of £4m in the previous year.
Despite challenging trading conditions, the company also reported that like-for-like sales in the UK rose by 2.2% for its 52 week trading period ended 27 April 2013; however revenues of £381.6m were level with the year before.
Carpetright said it had exceptional charges of £14.8m which were connected to a combination of net losses on disposal of properties, onerous lease provisions and non-cash impairment of property assets, therefore its statutory loss before tax was £5.1m for the year.
A refurbishment programme is currently being carried out in Carpetright’s retail outlets, with 154 stores refurbished in the period. According to the company its sales have increased in the fully modernised stores by more than over 10%. The company has also reportedly extended its range of flooring, as well as offering a variety of beds in its shops.
The company’s chief executive Darren Shapland commented: “The Group grew underlying profits and generated cash during the year, with an encouraging increase in UK retail store like-for-like sales and a significant improvement in gross profit percentage year-on-year. In the Rest of Europe, trading conditions in the Netherlands remained difficult whilst progress has been made in the recovery plan for the Republic of Ireland. “While we expect trading conditions to remain challenging, we are confident that the combination of these self-help initiatives will underpin the positive momentum of the Group.”