Carpetright PLC Trading Update (4861D)
October 27 2015 - 3:00AM
UK Regulatory
TIDMCPR
RNS Number : 4861D
Carpetright PLC
27 October 2015
27 October 2015
Carpetright plc
Trading Update
Carpetright plc, Europe's leading specialist carpet and floor
coverings retailer, today announces an update on trading for the 25
weeks ended 24 October 2015.
Highlights
-- UK
o Sales (note 1) up 4.0% on a like-for-like basis.
(notes 2, 3)
o Total sales up by 2.5%.
o Full year guidance of a decline in gross profit
percentage of between 50 and 100 basis points
remains unchanged.
o Five stores were opened and 27 closed in the
year to date, giving a net reduction of 22,
leaving 438 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 5.7% on year.
Total sales increased by 2.7%. After the impact
of currency movements this translates to a 6.9%
decrease in total sales.
o During the period, five stores were opened and
four closed leaving 138 trading locations.
-- The Group's full year profit expectations are unchanged. (note 4)
Wilf Walsh, Chief Executive, said:
"I am pleased to report that the Group continued its positive
trading performance during the period. In the UK we delivered
encouraging sales growth against strong comparatives in the prior
year and continue to gain market share. Sales in the Rest of Europe
have also continued to recover.
"Our aim to revitalise the Carpetright brand is on track. We
have made further progress with the strategy of rationalising and
repositioning our store portfolio and are encouraged by the early
performance of our four trial concept stores in the UK. We will
update shareholders on progress of our strategic initiatives at the
time of the interim results in December.
"Trading in the year to date remains in line with management's
expectations and our view for the year as a whole remains
unchanged."
The Group will report its interim results for the first half of
the current financial year on 15 December 2015.
For further enquiries please contact:
Carpetright plc
Wilf Walsh, Chief Executive
Neil Page, Group Finance Director
Tel: 01708 802000
Citigate Dewe Rogerson
Kevin Smith / Nick Hayns
Tel: 020 7638 9571
A copy of this trading statement will be available on our
website www.carpetright.plc.uk today from 7.00am.
Notes
1. Sales represents amounts payable by customers for goods and
services before deducting VAT and other charges.
2. 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.
3. For the UK and Republic of Ireland the current financial year
(2016) is a 52 week year, ending 30 April 2016. The previous
financial year (2015) was a 53 week year, ended 2 May 2015. In
order to provide meaningful year on year trading information,
current year financial trading period in this announcement relates
to weeks 1 to 25 of 2016, compared to weeks 2 to 26 of 2015.
4. Current range of market expectations for the year ending 30
April 2016 is for Group underlying profit before tax to be GBP16.0m
to GBP19.0m.
5. 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).
In the UK, Carpetright is the market leader in floorcoverings
where it has increased its market share from 22.7% in 2010 to 25.3%
in 2014 and an estimated 25.7% in 2015 (source: Verdict - UK
Furniture and Floorcoverings Forecast 2020, published August
2015).
Appendix 1: Group Sales
Current Previous
Financial Financial Year
Year
----------------------------------------------- ----------- -----------------------
25 weeks 26 weeks Pro forma
to to 52 basis
24 Oct 25 Oct to
2015 2014 2 May 2015
----------------------------------------------- ----------- --------- ------------
UK
* Total 2.5% 5.0% 5.4%
* Like-for-like 4.0% 6.5% 7.3%
Rest of Europe
* Total (in local currency) 2.7% (3.7%) Level
* Like-for-like (in local currency) 5.7% (3.3%) 0.3%
* Total (in GBP) (6.9%) (9.4%) (7.4%)
----------------------------------------------- ----------- --------- ------------
Group Sales (in GBP) 1.2% 2.6% 3.3%
----------------------------------------------- ----------- --------- ------------
Appendix 2: Store portfolio
Current Previous
Financial Financial Year
Year
----------------- ------------------------------------
24 Oct Interim Year end
2015 25 Oct 2 May 2015
2014
----------------- ----------------- -----------------
Stores Sq Stores Sq Stores Sq
ft ft ft
'000 '000 '000
-------------------------- ------- -------- ------- -------- ------- --------
UK
Standalone 425 3,796 452 3,993 448 3,963
Concessions 13 24 11 19 12 16
Total 438 3,820 463 4,011 460 3,979
-------------------------- ------- -------- ------- -------- ------- --------
Europe
Republic of Ireland 22 162 22 162 22 162
Netherlands 94 1,050 94 1,104 93 1,046
Belgium 22 247 23 273 22 257
Total 138 1,459 139 1,522 137 1,465
-------------------------- ------- -------- ------- -------- ------- --------
Total Group 576 5,279 602 5,533 597 5,444
-------------------------- ------- -------- ------- -------- ------- --------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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