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Carpetright H1 Pre-tax Loss Widens - Quick Facts

Carpet and floor coverings retailer Carpetright Plc. (CPR.L) reported Tuesday that its loss before tax for the first half of fiscal 2019 was 11.7 million pounds, compared to last year's loss of 0.6 million pounds.

Basic loss per share was 4.8 pence, compared to loss of 1.8 pence a year ago.
Underlying loss before tax was 12.4 million pounds, compared to profit of 1.2 million pounds last year.

Underlying EBITDA loss was 1.7 million pounds, compared to profit of 8.6 million pounds in the year-ago period.

Group revenue decreased 15.7 percent to 191.1 million pounds from 226.6 million pounds a year ago.

The company noted that trading during the period was challenging, as a consequence of weakening consumer demand, exceptionally warm weather and the negative impact associated with the restructuring activity.

In the UK, like-for-like sales declined 12.7 percent over the prior-year period, but with a marked sequential improvement.

Commenting on the results, Wilf Walsh, Chief Executive, said, "This is a transitional year for Carpetright as we work through our restructuring plan. We remain on schedule and are confident that this activity is already starting to yield benefits. This is the first stage in returning the Group to sustainable long term profitability."

Looking ahead, Carpetright said it will invest in digital technology to improve both the online and in-store experience with planned implementation in Spring 2019.

The company also said that in a transitional year, it is on track to deliver annualised cash savings of 19 million pounds.

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