- UK like-for-likes increased 1.4%
- Full-year profits are expected to be towards “lower end of current range”
- Like-for-like sales in Europe rose 1.4% in local currency terms
Carpetright posted a boost in its fourth quarter like-for-like sales across its UK and European stores despite a challenging trading environment.
The specialist retailer’s UK like-for-like sales edged up 1.4% in the 12 weeks to April 22 as its 188 refurbished stores drove growth.
The retailer, which was trading from a net 427 stores by period end, plans to convert the entirety of its UK estate as part of its ongoing store refurbishment initiative.
During the period, the flooring retailer opened three new stores in Liverpool, Leeds and Bath, as well as closing three outlets and relocating two.
Carpetright reported a 1.4% increase in like-for-like sales across its stores in the rest of Europe on local currency terms. Total sales rose 1.9%, which translated to a 11% leap in reported currency due to currency fluctuations.
Chief executive Wilf Walsh said: “In common with other retailers in the home improvement sector in the UK we have experienced tougher trading conditions over the last three months.
“Following a further acceleration of the investment programme in the final quarter we have completed 188 store refurbishments - surpassing our target of 150 stores, which represents over 40% of the UK estate.
“Despite the inevitable disruption factor, the performance of these refurbished stores has been encouraging giving us confidence to continue with the programme.
“Whilst we remain confident in our turnaround plan, the level of sales growth in our final quarter leads us to expect that full year profits will be towards the lower end of the current range.”
The retailer will post its full-year results in June.