British Carpetright's updated formula, with more modern stores and an improved product range, has paid off. Over the past 6 months, both turnover and profit went up.
Over the past 6 months, Carpetright's turnover grew 1.4 % to 231.2 million pounds (319.2 million euro), while like-for-like turnover even grew 3.7 %. Merely a year ago, the company had to deal with a 6.5 % slump.
Excellent sales have helped increase profit, prior to taxes, 6 % to 7.1 million pounds (9.8 million euro).
Closing down 31 onerous stores and only opening 5 new stores has been part of the reason for these good results. On top of that, CEO Wilf Walsh's new strategy seems to be paying dividends. He wants to get rid of Carpetright's old image, known as a discounter, to attract new and more affluent customers.