Carpetright PLC Q3 Trading Update (5229V)
31 January 2017 - 6:00PM
UK Regulatory
TIDMCPR
RNS Number : 5229V
Carpetright PLC
31 January 2017
Carpetright plc
Q3 Trading Update
Carpetright plc, Europe's leading specialist carpet and floor
coverings retailer, today announces an update on trading for the 13
weeks ended 28 January 2017.
Highlights
* Return to quarterly sales growth in the UK.
* Rest of Europe continues to benefit from improved
consumer sentiment and positive currency impact.
* Board remains comfortable with the range of market
expectations for the Group's full year profit.(note
1)
* UK
o Like-for-like sales for the four weeks to 28 January 2016, up 6.8%
o Like-for-like sales for the thirteen week period up 1.9% (notes 2, 3)
o 120 stores now trading under the new brand identity, delivering sales growth above
comparable stores in the rest of the estate. On track to achieve 150 stores by the
end of April, in line with our accelerated refurbishment plan.
o One new store opened, one relocated and three closed in the period, giving a net
reduction of two stores - leaving a total of 427 trading locations.
o Two new stores scheduled to open in the next quarter in Leeds (Birstall) and Bath.
* 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 5.4%. This translates to an increase
of 22.4% in reported currency.
o One store opened during the period, leaving 138 trading locations.
Wilf Walsh, Chief Executive, said:
"We are pleased to announce a return to quarterly like-for-like
sales growth in the UK. Our trading performance over the last four
weeks, with like-for-like growth of 6.8%, gives us confidence that
our turnaround strategy is on track. The refurbished stores with
our new brand identity continue to outperform the un-invested
estate and we are confident of hitting our target of 150 stores -
representing over one third of the UK estate by the financial
year-end.
"Like-for-like sales growth in our Rest of Europe business was
better than expected as consumer spending continued to recover in
the Netherlands.
"Whilst the outlook for the UK consumer remains uncertain, we
remain confident in our plan and are comfortable with the current
range of market expectations."
The Group will issue a pre-close update on Tuesday, 25 April
2017 and 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 GBP15.6m,
with a range
from GBP13.9m to GBP16.5m.
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
----------------------------------------------- ---------------------------------- --------------------------
13 weeks 39 weeks 26 weeks 12 weeks 38 weeks
to to 28 to 29 to to
28 January January October 23 January 23 January
2017 2017 2016 2016 2016
----------------------------------------------- ------------ --------- --------- ------------ ------------
UK
* Total 0.8% (3.4%) (6.4%) (1.3%) 1.1%
* Like-for-like 1.9% (1.3%) (2.9%) 2.4% 3.3%
Rest of Europe
* Total (in local currency) 5.4% 2.2% (1.4%) 4.4% 4.0%
* Like-for-like (in local currency) 5.2% 2.4% (1.5%) 4.2% 5.9%
* Total (in GBP) 22.4% 16.7% 11.9% (2.7%) (2.7%)
----------------------------------------------- ------------ --------- --------- ------------ ------------
Group Sales (in GBP) 3.7% (0.7%) (3.8%) (1.5%) 0.6%
----------------------------------------------- ------------ --------- --------- ------------ ------------
Appendix 2: Store portfolio
Current Previous
Financial Year Financial Year
----------------------------------- ------------------------------------
Store portfolio 28 January Interim 23 January Year end
2017 29 October 2016 30 April
2016 2016
----------------- ---------------- ----------------- -----------------
Stores Sq Stores Sq Stores Sq
ft ft ft
'000 '000 '000
------------------ ------- -------- ------ -------- ------- -------- ------- --------
UK
Standalone 414 3,662 415 3,672 421 3,755 420 3,734
Concessions 13 24 14 26 15 29 15 29
Total 427 3,686 429 3,698 436 3,784 435 3,763
------------------ ------- -------- ------ -------- ------- -------- ------- --------
Europe
Republic
of Ireland 21 157 21 157 22 162 21 157
Netherlands 94 969 93 950 93 1,044 93 985
Belgium 23 235 23 235 23 258 22 245
Total 138 1,360 137 1,342 138 1,464 137 1,387
------------------ ------- -------- ------ -------- ------- -------- ------- --------
Total Group 565 5,046 566 5,040 574 5,248 572 5,150
------------------ ------- -------- ------ -------- ------- -------- ------- --------
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTOKKDNCBKDKDN
(END) Dow Jones Newswires
January 31, 2017 02:00 ET (07:00 GMT)
Carpetright (LSE:CPR)
Historical Stock Chart
From Apr 2024 to May 2024
Carpetright (LSE:CPR)
Historical Stock Chart
From May 2023 to May 2024