Cargo parent out of the doldrums

Cargo Homestores parent JW Carpenter has pledged to revamp a third of its stores each year and open eight stores by January. The retailer underlined its commitment to expanding its market presence as it filed its financial report for the 52 weeks ended June 26.

It reported an operating profit of£324,000, up from a loss of£890,000 in the previous year. Australian retailer Freedom Group acquired JW Carpenter in May, which has given the company an injection of funds. JW Carpenter's board intends to consolidate the present turnaround by using these funds to finance an expansion and refit programme.

JW Carpenter's directors said: 'We believe that the Cargo Homeshop retailing concept can be substantially expanded from its relatively narrow geographic base to cover the UK and that the performance of the existing stores has been held back by lack of investment. In view of this, the group is now undertaking a major refurbishment and store expansion programme.'

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