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Company Carpetright PLC
TIDM CPR
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3rd Quarter Results

Released 07:00 29-Jan-2013
Number 5409W07

RNS Number : 5409W
Carpetright PLC
29 January 2013
 



 

                                                                       

 

 

29 January 2013

Carpetright plc

Interim Management Statement

 

Carpetright plc, Europe's leading specialist carpet and floor coverings retailer, today announces a trading update for its third quarter, being the 13 weeks ended 26 January 2013.

 

Highlights

·    The Group result for the financial year to date is in line with management's expectations.

 

·    UK

o Like-for-like sales (note 2) in the UK increased by 3.2%.  Total sales in the UK increased by 1.6%.

o Store base decreased by four during the period to 476, of which 122 have now been modernised.

           

·    Rest of Europe

o In local currency terms, like-for-like sales in the Rest of Europe (Netherlands, Belgium and the Republic of Ireland) decreased by 11.5%. Total sales declined by 11.2%.

o Solid performance in Belgium and the Republic of Ireland offset by continued weakness in the Netherlands.

 

 

Darren Shapland, Chief Executive, said:

 

"We are pleased to report a period of good like-for-like sales growth in the UK of 3.2%.  Excluding the expected contraction in sales from the wholesale business, our core UK retail business (note 3) would have reported like-for-like sales growth of 4.7% for the period.  We believe this performance reflects the success of our programme of self-help initiatives, including the development of our bed business, introduction of our laminate range to more stores and the ongoing programme of store refurbishments, all of which gained momentum in the period.

 

"Gross margin for the period has been in line with our previously announced expectations and our guidance of a full year gross profit percentage improvement in the range of 200-250 basis points above the prior year, remains unchanged. (note 4)

 

"Our business in the Rest of Europe contrasts a solid performance in both Belgium and the Republic of Ireland, offset by the continued weak performance of our business in the Netherlands.  Our focus in the Netherlands is on protecting profit in what remains a very weak consumer environment.

 

"The Group result for the year to date is in line with management's expectations and whilst trading conditions remain challenging, we have good momentum in our self-help initiatives.  That said, as ever, our performance in the final quarter will be critical to the outcome for the year as a whole."

The Group will issue a pre-close update on Tuesday, 23 April 2013 and will report its preliminary results for the financial year ending 27 April 2013 on Tuesday, 25 June 2013.

 

Analyst conference call

Darren Shapland will host a conference call for analysts at 08:30 GMT today.

 

The dial in number is 020 3003 2666 with the passcode 3791857.

 

Thereafter, for further enquiries please contact:

 

Carpetright plc

Darren Shapland, Chief Executive

Neil Page, Group Finance Director

Tel: 01708 802000

 

Citigate Dewe Rogerson

Kevin Smith / Lindsay Noton

Tel: 020 7638 9571

 

A copy of this trading statement will be available on our website www.carpetright.plc.uk today from 7.00am

 

Notes

1.     All sales figures are quoted after deducting VAT.

2.     Like-for-like sales calculated as this year's net sales compared to last year's net 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.  Sales from insurance and house building contracts are supplied through the stores and included in their figures.

3.     Retail stores like-for-like sales are like-for-like sales excluding sales from insurance and house building contracts.  The latter being grouped together and classified as 'wholesale' sales. 

4.     H1 2011/12 58.0%, 4.3%pts down on H1 2010/11 62.3%; H2 2011/12 60.0%, 2.1%pts down on H2 2010/11 62.1%.  FY 2011/12 58.9%, 3.3%pts down on FY 2010/11 62.2%.  H1 2012/13 61.7%, 3.7%pts up on H1 2011/12.

 

 

 

 

 

 

 

 



 

Appendix 1: Group Sales

 


13 weeks to

26 January 2013

39 weeks to

26 January 2013

26 weeks to

27 October 2012

(previously reported)

UK




-       Total

1.6%

(0.5%)

(1.6%)

-       Like-for-like

-       Like-for-like excluding wholesale

3.2%

4.7%

1.6%

3.8%

0.7%

3.0%





Rest of Europe




-       Total (in local currency)

(11.2%)

(10.1%)

(9.7%)

-       Like-for-like (in local currency)

(11.5%)

(10.6%)

(10.1%)

-       Total (in GBP)

 

(15.9%)

(17.3%)

(17.7%)

 

Group  Sales

 

 

(1.6%)

 

(3.7%)

 

(4.7%)

 

 

 

Appendix 2: Store portfolio

 

Store portfolio

26 January 2013

 

Half Year

27 October 2012

(previously

reported)

Year end

28 April 2012

(previously

reported)

21 January 2012

(previously

reported)


Stores

Sq ft

Stores

Sq ft

Stores

Sq ft

Stores

Sq ft

UK









Standalone

460

4,117

464

4,165

474

4,241

479

4,273

Concessions

16

29

16

33

16

29

22

44

Total

476

4,146

480

4,198

490

4,270

501

4,317

Europe









Republic of Ireland

21

154

20

147

20

147

20

147

Netherlands

95

1,105

95

1,105

94

1,095

93

1,088

Belgium

26

307

26

307

28

329

28

329

Total

142

1,566

141

1,559

142

1,570

141

1,564

 

Total Group

 

 

618

 

5,712

 

621

 

5,757

 

632

 

5,840

 

642

 

5,881

 

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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3rd Quarter Results - RNS