True North Client Carpetright Continues to Perform During Recession
True North client Carpetright, proves that it is possible to buck the trend, and continues to perform during the recession.
Carpetright plc, Europe's leading specialist carpet and floor coverings retailer, announces the following trading update for the 12 weeks ended 24 October 2009.
Highlights for the 12 weeks to 24 October 2009. Group sales rose by 10.3%, with store base increased to 7182 at the period end. UK and Republic of Ireland sales rose by 12.2%, with like-for-like sales3 up 5.6%. A net 11 stores have been opened, increasing the total to 5922.
Chris Halward, True North Managing Director said "We are delighted for Carpetright, and proud to continue to support Carpetright's success with our Management Development Programmes. The training has produced excellent feedback from delegates, who have valued the opportunity to develop new ideas, and contribute to the sustained performance in, what has been, a difficult marketplace".
Lord Harris of Peckham, Chairman and Chief Executive, said:
"We are pleased with our overall performance during the period.
"In the UK, we continue to take advantage of opportunities and have opened a net 11 new stores in the last twelve weeks. Our discussions with house builders and insurers have begun to secure us additional business and we expect to continue to make progress in this area during the second half. The underlying carpet margin has remained in line with last year, whilst the greater proportion of beds sales in the mix has resulted in the overall UK gross profit percentage dropping by around 60 basis points.
"As expected, sales in The Netherlands and Belgium decreased as a consequence of slowing economic conditions. However, we believe we continue to grow market share and are well positioned to capitalise on this when trading conditions improve.
"We expect to deliver a half year profit performance ahead of expectations and, whilst we remain cautious about the retail market in the balance of the financial year, we have made a solid start."
source - www.carpetright.plc.uk