Analysts increase estimate for the year
Floor coverings retailer Carpetright has revealed a sales increase of 3.7 per cent in the UK and Ireland for the six months to April 29.

Like-for-like sales were up 1.9 per cent and gross margin 0.6 per cent, which was better than analysts had forecast.

Carpetright chairman and chief executive Lord Harris of Peckham said: 'We are pleased with our current trading performance and have finished the year with a period of more positive trading. Our new store opening programme is strong, both within the UK and Europe, while our expansion into Poland is particularly exciting.'

European sales rose 12.8 per cent, with five new stores opening, including Carpetright's first Polish store in Gdansk. The group will open its second Polish store in Warsaw this week.

Seymour Pierce analyst Richard Ratner said: 'All in all, a good update from what is the market leader in the carpet industry. We increase our estimate for the year from£55 million to£56.5 million, and for next year look for£62.8 million against our previous estimate of£58 million.'

The carpet retailer's first House of Fraser concession opened earlier this month after the group reached an agreement with the department store group to provide concessions in 19 of its stores.

Across the UK and Ireland, 37 stores opened during the second half of the year, however 15 were shut, including seven BHS concessions. Carpetright's Allders concessions closed in February and March last year.

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