StockMarketWire.com - Carpet seller Carpetright reported a return to like-for-like sales growth in its new financial year as it posted in-line annual results.

Group revenue decreased by 13.4% to £386.4m, underlying EBITDA of £2.9m compared with £7.1m a year earlier. The company reported a narrowed statutory loss before tax of £24.8m (2018: loss of £69.8m).

Carpetright reported net debt of £27.4m (2018: £53.0m) at the period end.

Cash outflows related to pre-tax losses resulting from the turnaround of the group and a continued tightening of trading terms - the impact of which has now abated and is starting to improve.

Separately reported items of £7.9m (2018: £61.8m), driven mainly by non-cash asset impairment and ERP dual running costs.

UK like-for-like sales in the first eight weeks of the new financial year were ahead by 8.5% against the prior year comparative (2018: 14.6% decline). Like-for-likes sales in Rest of Europe were ahead by 4.3% in the same eight week period (2018: 10.6% growth).

Chief executive Wilf Walsh said: 'We remain the clear number one player in floorcoverings, having maintained our market leadership during an exceptionally challenging period, and our brand attributes remain strong. Our work is far from finished, and while economic and political uncertainties cloud the near term outlook for the retail sector, our turnaround plan is very much on track.'




Story provided by StockMarketWire.com