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Carpetright continues to gain through Q3
Carpetright, the UK's biggest floor coverings retailer, today said that it's Q3 sales were a third straight quarter of increased sales, boosted by rising activity in the housing market and business gains from troubled rival Allied Carpets.
Sales at stores in the UK and Ireland open more than a year increased 2.3% in the 13 weeks to January 30, its fiscal third quarter, which compared with increases of 1.4% and 5.6% in the first and second quarters respectively.
Carpetright said UK trading in the early part of the quarter was strong with double digit like-for-like growth. However, the severe weather conditions post-Christmas impacted the final weeks of the quarter.
The firm said it was hopeful of recovering some of this lost trade in the coming weeks.
Carpetright benefited from very weak comparative numbers in the same period last year, a rise in housing transactions and market share gains at the expense of Allied Carpets which has emerged as a smaller player after going into administration last year.
Third-quarter like-for-like sales in the Rest of Europe division - stores in the Netherlands, Belgium and Holland - fell 3.7%.
The firm said its expectations for the full-year are unchanged.
Lord Harris of Peckham, Chairman and Chief Executive, said:
"In the UK, trading in the early part of the quarter was strong and we experienced double digit like for like growth. The severe weather conditions post-Christmas impacted the final weeks of the quarter but we are hopeful of recovering some of this lost trade in the coming weeks.
"Our new revenue streams from housebuilding and insurance customers are generating incremental business and we expect this to grow in future periods. We have opened a net four new stores in the last thirteen weeks and have recently launched two transactional web sites supporting the Carpetright and Sleepright brands. These sites are trading in line with management expectations.
Shares in Carpetright have more than doubled over the last year against a 59% rise in the FTSE All Share General Retailers Index .FTASX5370, as the UK slowly emerged from recession.
The stock closed at 972 pence yesterday, valuing the business at £653 million.
Sales at stores in the UK and Ireland open more than a year increased 2.3% in the 13 weeks to January 30, its fiscal third quarter, which compared with increases of 1.4% and 5.6% in the first and second quarters respectively.
Carpetright said UK trading in the early part of the quarter was strong with double digit like-for-like growth. However, the severe weather conditions post-Christmas impacted the final weeks of the quarter.
The firm said it was hopeful of recovering some of this lost trade in the coming weeks.
Carpetright benefited from very weak comparative numbers in the same period last year, a rise in housing transactions and market share gains at the expense of Allied Carpets which has emerged as a smaller player after going into administration last year.
Third-quarter like-for-like sales in the Rest of Europe division - stores in the Netherlands, Belgium and Holland - fell 3.7%.
The firm said its expectations for the full-year are unchanged.
Lord Harris of Peckham, Chairman and Chief Executive, said:
"In the UK, trading in the early part of the quarter was strong and we experienced double digit like for like growth. The severe weather conditions post-Christmas impacted the final weeks of the quarter but we are hopeful of recovering some of this lost trade in the coming weeks.
"Our new revenue streams from housebuilding and insurance customers are generating incremental business and we expect this to grow in future periods. We have opened a net four new stores in the last thirteen weeks and have recently launched two transactional web sites supporting the Carpetright and Sleepright brands. These sites are trading in line with management expectations.
Shares in Carpetright have more than doubled over the last year against a 59% rise in the FTSE All Share General Retailers Index .FTASX5370, as the UK slowly emerged from recession.
The stock closed at 972 pence yesterday, valuing the business at £653 million.
Wed, 3rd Feb 2010