Member Article

Pretax profit up 123% at Essex's Carpetright as strategic review continues

Specialist carpet and floor coverings retailer Carpetright has reported a pretax profit of £6.7 million for the 26 weeks ending 25th October 2014, up from £1.9 million for the same period last year.

The Essex-based retailer has also seen an increase in revenue, with total group revenue hitting £227.9 million compared to £222.2 million for the same period last year.

The group is currently undergoing a strategic review following the appointment of a new chief executive.

Wilf Walsh, chief executive, said: “I am pleased to report that the Group grew profits during the first half, with an encouraging increase in UK like-for-like sales, a return to underlying profit in the Rest of Europe and a net cash position at the end of the period. Having made a solid start to the year, we now expect full year underlying pre-tax profits to be towards the upper end of current market expectations.

“We believe that, with a well researched and well executed strategy, we can begin to reshape Carpetright to ensure the business fully capitalises on its market leading position.

“These changes will take time to take full effect but we are absolutely focused on maintaining the recent improvements in the performance of the Group, as well as devoting our energies to revitalising our brand and operations in line with contemporary customer expectations. As a team we are excited by the potential that exists and are concentrating hard on execution of this new strategy as we enter 2015.”

This was posted in Bdaily's Members' News section by Ellen Forster .