Carpetright today said its strategy was on track after a year of “significant operational change and investment” designed to retool the carpets-to-beds specialist for a multichannel shopping environment.
The carpets-to-beds specialist, a Top250 retailer in IRUK Top500 research, reported revenues of £457.6m in the year to April 29. That’s up by 0.2% compared to the previous year. But sales in the UK alone fell by 2.6% to £381m. Pre-tax profits, before one-off costs, came in at £14.4m, 21.3% down on last time. But after one-off costs of £13.5m, relating to the rationalisation of the store estate, bottom-line pre-tax profits came in at £0.9m, 93% down on the £12.8m reported last time.
Chief executive Wilf Walsh said: “I am pleased to report on a year of significant strategic progress, as we implemented a wide-ranging programme of investment and operational change, to refresh and update the Carpetright brand. Our strategy is on track and the positive response we have received from these initiatives has encouraged us to press ahead with plans to complete the refurbishment of the UK store estate by the end of 2018 and to extend the programme in the Rest of Europe.
“We have made an encouraging start to the new financial year, underpinned by the improving performance of our refurbished UK estate. While a challenging consumer environment and competitive landscape remain headwinds, we are confident the additional potential in our self-help initiatives will support an increase in market share.”
We took a look through the statement to find the multichannel highlights.
How multichannel fits within the strategy
Carpetright is going into the third year of a transformation project that aims to focus on making selling both easy and convenient through multichannel services, as well as focusing on the stores, the brand and the product.
Online in the context of stores