Flooring retailer Carpetright profits from store makeover

City A.M. Reporter
CARPETRIGHT posted a rise in operating profit for the first half, as a small increase in UK sales counteracted a continued decline in its European business, the retailer said yesterday.

Like-for-like revenue at its UK business, which accounts for about 80 per cent of group sales, grew by 0.7 per cent in the 26 weeks to end-October, supported by a programme of refurbishment and new product ranges. Group underlying operating profit rose 46 per cent to £5.4m, keeping the company on track to meet its full-year expectations, as the new products and less promotional activity boosted margins.

Chief executive Darren Shapland said the increase in UK sales and the improvement in gross profit was encouraging.