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5 Aug 2009 07:00
Carpetright plc
Interim Management Statement
Carpetright plc, Europe's leading specialist carpet and floor coverings retailer, today publishes its Interim Management Statement for the first 13 weeks of its financial year, representing the trading period from 3 May to 1 August 2009.
Group sales1 increased by 7.5%, with the store base at 707 stores2 by the period end.
The UK and Republic of Ireland business recorded a sales increase of 6.6%, with like-for-like store sales3 up an encouraging 1.4%, the first quarter of like-for-like sales growth since Q4 2007/08. A net 14 stores have opened in the UK and RoI, increasing the total number of stores to 5812.
Our business in the Rest of Europe (The Netherlands, Belgium and Poland) continues to make progress and grow market share although, as expected, growth has slowed as a consequence of weakening economic conditions. In constant currency terms Rest of Europe sales improved by 0.9%, with like-for-like sales down 2.8%. Two stores have closed in the period taking the store base in the Rest of Europe to 126 stores.
There have been no significant changes to the financial position of the Group since the publication of the Preliminary Results on 30 June 2009.
Lord Harris of Peckham, Chairman and Chief Executive, said:
"We have continued to perform well in a tough trading environment and the sales achieved in the first quarter have provided an encouraging start to the financial year.
"By successfully leveraging our operational efficiencies and economies of scale, we have the ability to react decisively as opportunities arise. The recent announcement of the proposed closure of 150 Allied Carpets stores is one such opportunity.
"Our discussions with the housebuilders and insurers continue to make good progress and these initiatives, along with the further development of Sleepright and our European business, ensure we remain well placed to trade resiliently. All of this continues to give me confidence in the future of Carpetright."
The Group will report its pre-close trading update for the first half of its financial year on 28 October 2009.
Lord Harris of Peckham
Chairman and Chief Executive
All sales figures are quoted after deducting VAT.
Excludes Sleepright within Carpetright locations.
Like-for-like sales represent sales from stores which have been trading for 52 weeks at the start of the financial year. It includes the sales of beds, where these have been introduced into the like-for-like store base since the acquisition of Sleepright in December 2008.
Analyst conference call
Lord Harris will host a conference call for analysts at 08.15am this morning.
The dial in number is 0808 109 0700 from the UK or +44 203 003 2666 international, with the password Carpetright.
Thereafter, for further enquiries please contact:
Carpetright plc
Lord Harris of Peckham, Chairman and Chief Executive
Neil Page, Group Finance Director
Telephone 020 7638 9571 (until 2pm), 01708 802000 (thereafter)
Citigate Dewe Rogerson
Angharad Couch / Lindsay Noton
Telephone 020 7638 9571
A copy of this interim statement can be found on our website www.carpetright.plc.uk today from 7.00am.
Certain statements in this report are forward looking. Although the Group believes that the expectations reflected in these forward looking statements are reasonable, we can give no assurance that these expectations will prove to have been correct. Because these statements contain risks and uncertainties, actual results may differ materially from those expressed or implied by these forward looking statements. We undertake no obligation to update any forward looking statements whether as a result of new information, future events or otherwise.
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