CARPETRIGHT boss Wilf Walsh said yesterday that its strategy to woo more middle class shoppers to its stores was paying off, after posting a strong recovery in UK sales.
The retailer, which kits out homes with carpets, rugs and flooring, reported an 183 per cent surge in underlying pre-tax profits to £13m for the year to 2 May, compared with £4.6m the previous year.
Group revenue increased by 3.3 per cent to £462.6m, while like-for-like sales jumped by 7.3 per cent.
Walsh, who took over the reins from Carpetright founder Lord Harris in July last year, kicked off a turnaround plan for the business in December that included new advertising campaigns, revamping its website and expanding its range of products.
“What we are trying to do is deliver a brand that is more contemporary and broader appeal,” Walsh told City A.M.
“We were getting feedback from higher spending customers that Carpetright wasn’t for them and we are changing that,” he said.
As part of a shake-up of its image, Carpetright is trialling a new store concept and a new logo at four shops including one at Clapham High Street, which opened last week.
“While this is just the beginning of the journey... we have a clear direction and the positive results we are seeing from a number of our initial activities give us confidence that we are on the right path,” Walsh said.
UK like-for-like sales in the first eight weeks of the year rose 4.9 per cent.