Profits up as retailer opens 66 stores
Specialist carpet and floor covering retailer Carpetright revealed that group pre-tax profits increased 11.2 per cent to£27.7 million for the 26 weeks to October 28, compared to£24.9 million the previous year.

Group underlying pre-tax profits increased 17.6 per cent to£26 million versus£22.1 million last year, beating analysts' expectations.

Total sales climbed 5.7 per cent and like-for-likes rose 0.9 per cent in the UK and the Republic of Ireland. Underlying operating profits increased 16.7 per cent to£25.2 million, compared to£21.6 million the year before.

In the rest of Europe, total sales increased 8.1 per cent, with like-for-likes up 4.4 per cent. Underlying operating profits increased 21.4 per cent to£1.7 million, compared to£1.4 million last year.

Chairman and chief executive Lord Harris said: 'We are pleased with Carpetright's first half performance. Sales and margin growth have enabled the group to deliver a strong increase in underlying operating profit.

'Net debt has reduced by£26.8 million to£22.9 million, despite a strong investment in opening stores. We have opened 66 stores in the period and increased our selling space 5.3 per cent. These include 20 concession stores in the House of Fraser and our third store in Poland.'

Harris added: 'We are confident about the group's prospects. Since the end of October, we have opened our 600th store and we are continuing to increase sales in all our markets.'

In the UK and Republic of Ireland, 63 stores opened and nine closed, taking the total to 494. Three shops opened in the rest of Europe, taking the total to 101 and expansion continued in Poland.

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