Carpertright is on track to be profitable next year after reporting a “significant improvement” in like for likes during its fourth quarter.
The specialist retailer launched a CVA this time last year and after restructuring the business, has started to see improvements in sales as it regains customer confidence.
Boss Wilf Walsh told Retail Week it has been focusing on three main areas to restore confidence in the brand: restructuring its portfolio; facing into competition challenges “aggressively”; and focusing on the day-to-day running of the business.
”Getting the range right, pricing right, getting our Trustpilot score over nine with a five-star rating, and in the ’Carpetright for life’ campaign to restore confidence in the brand,” Walsh said.
The carpet retailer recorded an underlying pre-tax loss of £12.4m at the interim mark, down from a profit of £1.2m during the same period the previous year.
However, after achieving improved like for likes in the fourth quarter, Walsh said Carpetright will be “EBITDA positive this year and profitable next year”.
“This has been a transitional year for Carpetright and we remain on track both with our recovery plan and our strategic initiatives,“ Walsh said.
“Whilst consumer confidence remains challenged in the UK, the work we have done to reposition the business is starting to deliver the benefits necessary to put Carpetright back on the path to sustainable profitability.”
It will report its final results on June 25.