Flooring retailer expands amid tough trading
Despite achieving higher sales, operating profits at flooring specialist Floors 2 Go fell 25.1 per cent in the six months to June 30, with like-for-likes down 11.3 per cent.

Turnover increased by 4 per cent to£36.4 million and gross margins increased by 2.7 per cent to 50 per cent.

Floors 2 Go increased its store count to 132 shops during the period, compared with 98 outlets at the end of June last year. It has opened 21 stores this year, including five outlets in Northern Ireland.

The company is also introducing new ranges of laminate, solid wood and engineered flooring, and wants to establish a presence in commercial markets. It has opened a new, centralised warehouse and strengthened its management team.

The retailer believes there is the potential to have 350 UK shops.

Floors 2 Go operates 16 concessions at Texstyle World, which entered administration at the end of August. It expects nine of the concessions to continue trading, following the acquisition of nine Texstyle World stores by Fads.

After the closure of the remaining seven concessions, including store openings since the end of June, the total number of Floors 2 Go stores will be 135.

Floors 2 Go chief executive Simon Farnsworth said: 'Trading conditions have been challenging but our business remains strong. We are confident that, with our store opening programme on target and the improvements we have made throughout our business, we are well positioned to take advantage of any improvement in consumer spending. We are encouraged by early signs of an uplift in trading in August and the positive responses to our new ranges.'