StockMarketWire.com - Carpet and floor coverings retailer Carpetright said Thursday it had closed 67 underperforming stores, but touted optimism amid early signs of improvement from its turnaround efforts.

The company closed 67 underperforming stores, with a further 6 expected to be shuttered before the end of the year.

Like-for-like performance remained negative in the second half of the year, but there was an improvement in the trend, as the restructuring activity began to take effect, the company said.

Performance in the rest of Europe (The Netherlands, Belgium and the Republic of Ireland) was slightly ahead of last year, the company added.

The company also said it remained confident of achieving £19m in annualised benefits.

'This is a transitional year for Carpetright as we work through our restructuring plan. I am pleased to report that this activity is firmly on track and has started to yield benefits as we create a right-sized and well-located portfolio of stores on sustainable rents. We also continue to modernise our existing estate as well as investing in our digital capability,' said Wilf Walsh, Chief Executive.


At 10:08am: [LON:CPR] Carpetright PLC share price was -0.12p at 18.78p



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