Carpetright PLC Trading Update (9403F)
01 November 2018 - 6:00PM
UK Regulatory
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: 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 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).
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
TSTEAXEFDFPPFFF
(END) Dow Jones Newswires
November 01, 2018 03:00 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