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Further losses for Carpetright: Should Harlow store be worried?

Business / Tue 26th Jun 2018 at 09:23am

PURFLEET-based Carpetright has reported a full-year loss and falling sales as the retailer struggles to turn itself around reports the BBC.

The floor covering retailer agreed a rescue plan earlier this year, under which it is closing 81 of its stores.

For the year to 28 April, Carpetright posted a statutory loss of £70.5m, a figure that includes the cost of store closures and asset writedowns.
Like-for-like sales in the UK fell by 3.6%, with the steepest decline coming in the second half of the year.

Carpetright agreed a Company Voluntary Arrangement (CVA) with its creditors in April which allowed it to shut stores. It has also raised an extra £65m from shareholders.

Chief executive Wilf Walsh said the CVA offered the chance to rebuild the firm and added: “This will be a transitional year for the group as we work through our recovery plan.”

Stripping out one-off costs related to the restructuring, the company’s underlying loss before tax was £8.7m, compared with a profit of £14.4m a year earlier.

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