1st Feb 2005 07:00
Carpetright PLC01 February 2005 1 February 2005 Carpetright plc Post January Sale Trading Update Carpetright plc, Europe's leading specialist carpet and floor coveringsretailer, today announces its post January sale trading update. This covers thetrading period from 31 October 2004 to 29 January 2005 which represents thefirst 13 weeks of the second half of the financial year ending 30 April 2005. The UK and Republic of Ireland business has recorded a total sales increase of0.5% with like for like store sales down by 3.8%. Gross margin has increased ata similar growth rate to that achieved in the first half. The store expansionplans continue to make good progress with the new small stores and the Republicof Ireland openings performing well. The Belgium and Netherlands business has seen total product sales in localcurrency increase by 0.5%. Gross margin has continued to show good growthagainst last year. On 26 January 2005 Allders Department Stores Limited announced that it had beenplaced into administration. Carpetright trades its In House Carpets brand in 39of the Allders stores. We will continue to trade whilst the business is inadministration and have confirmed that customer deposits and pre administrationorders will be honoured in full. Whilst the full consequences of the Alldersadministration are not yet known we can confirm that any shortfall from thepotential non receipt of pre-administration takings will not be material. We have today entered into an agreement for the sale of our freehold property inCroydon. We occupy two units in this property with one further unit being letto a third party. The sale proceeds of £16.6m will be paid in full uponcompletion of contracts in March. The profit from this sale will be in excess of£7m. Lord Harris of Peckham, Chairman and Chief Executive said: "Our UK and Republic of Ireland business has had a tough January sale, albeitset against very strong comparatives last year. However, margin growth remainsstrong and the new openings are performing well. Our business in Belgium andNetherlands has continued to make solid progress. Whilst trading conditionsremain subdued in all the markets in which we trade, we are confident that wewill continue to grow market share." The Group will report its pre-close trading update for the second half on 26April 2005. The financial year will close on 30 April 2005. For further enquiries please contact Carpetright plc 01708 525522Lord Harris of Peckham, Chairman and Chief ExecutiveDarren Shapland, Group Finance Director Citigate Dewe Rogerson 020 7638 9571Sara Batchelor This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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