Carpetright states it is on course, despite a plunge in earnings and a near-halving in sales development.
With its outcomes within the year towards the end of April, the united kingdom merchant – that provides a good understanding of the country’s consumer styles – said statutory pre-tax profits slumped to £900,000, from £12.8m in the last year. Its way of measuring fundamental earnings were rosier, at £14.4m, but once more, that represents a slowdown from £18.3m in the earlier year.
A shop revamp features jacked up net debt to £9.8m from £1.1m, while like-for-like product sales growth slowed to 2.5 per cent from 4.8 percent.
CEO Wilf Walsh said:
We made an encouraging begin to the brand new financial 12 months, underpinned by the improving overall performance of our refurbished UK estate.
While a challenging customer environment and competitive landscape stay headwinds, we're confident the extra potential within our self-help projects will support a rise in share of the market.