AGM Statement (2719P)
September 30 2011 - 5:00AM
UK Regulatory
TIDMUCG
RNS Number : 2719P
United Carpets Group plc
30 September 2011
United Carpets Group plc
('United Carpets' or 'the Group')
AGM Statement
The following statement was made at the Annual General Meeting
of United Carpets held today at 10.00am.
'I am pleased to confirm the Group continues to trade in line
with market expectations for the full year. However, the trading
environment during the first 25 weeks of this financial year to 22
September 2011 has been challenging and like for like sales were
0.6% lower against the comparable period last year. Given the
ongoing economic uncertainty across the UK and with the austerity
measures now resulting in job cuts throughout the public sector,
consumers have continued to spend their money cautiously.
Whilst it remains our strategy to reduce, over time, the number
of corporate (non franchised) stores, that number, in fact,
increased from 14 to 18 during the 25 week period. As these
additional stores were loss making they will have a greater adverse
impact on Group profitability in the first half than if they had
continued as franchised stores.
Sales of flooring were slightly ahead of the comparable period
last year. As ever, customers have recognised the value for money
we offer and the opportunity to choose from our extensive ranges of
flooring. We believe our trading performance continues to compare
favourably with our nearest retail peers. The beds division has
again struggled despite relatively weak comparatives, with
consumers apparently still reluctant to spend on larger value
items.
In September, the Group was voted the UK's leading Flooring
Retailer (3+ stores) at the "Interiors Monthly" 2011 Awards. The
award recognises the Group's achievements to date and its constant
striving to do even better. Approximately 80% of all United Carpets
stores operate under a franchised structure which is a key element
in combining the advantages of a multiple retailer with the
entrepreneurial drive of an independent. This is particularly
important when the wider economic environment is subdued and it
requires increased effort from the individual store management
teams to maintain sales levels.
The Group's long term future remains sound, supported by
significant cash balances, and the Group will report our interim
results for the 6 months ended 30 September 2011 in December
2011.'
Enquiries:
United Carpets 01709 732 666
Paul Eyre, Chief Executive
Ian Bowness, Finance Director
Cardew Group 020 7930 0777
Tim Robertson
Seymour Pierce
Jonathan Wright/Mark Percy (Corporate Finance) 020 7107 8000
Katie Ratner / Jacqui Briscoe (Corporate Broking)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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