Lower turnover, but profit increase for Carpetright

British store chain Carpetright has seen its turnover drop a little more than 1 % in its past fiscal year (which ended on 30 April), but its profit did increase.

Careful about Brexit consequences

Carpetright managed a 456.8 million pound (550 million euro) turnover, down 1.3 % compared to last year. However, its underlying pre-tax profit grew 33.1 % to 17.3 million pounds (20 million euro) and its like-for-like turnover in the United Kingdom grew 2.8 %, mainly thanks to its decision to shut down several onerous stores. Overall, the company shut down 25 UK stores in the past fiscal year, which means it still has 435 stores in the area. Carpetright’s like-for-like turnover also grew in the rest of Europe, up 4.8 %.

Over the first few months of its new fiscal year, the numbers are not as positive: like-for-like UK turnover dropped 7.6 % in May, while like-for-like turnover in the rest of Europe only grew 1.3 % since early May.

Carpetright warns about the consequences of the Brexit: “We are cautious about the impact the associated uncertainty will have on consumer confidence”, CEO Wilf Walsh said.