Carpet retailer United Carpets has reported a year-on-year fall in profit before tax of 14 per cent, in official half-year results published today.
Revenue decreased five per cent to £13.36 million in the 25 weeks to September 30th, with the average number of corporate stores reducing through franchising from 20 to 11 and total stores growing from 82 to 83 in the period.
Like-for-like sales were slightly ahead of what was anticipated in interim results published in October but still fell 5.3 per cent compared to last year.
Paul Eyre, United Carpets CEO, commented: “This was a solid performance in a very challenging trading environment. Consumers remain cautious over spending, following uncertainty in the job market and the lack of any clear signs of economic recovery.
“However, United Carpets’ focus on offering exceptional value combined with the benefits of our franchise model has ensured we have maintained our market position and continued to attract new franchisees.”
Network sales were broadly maintained in H1 at £34.2 million compared to £34.5 million in 2009 and its interim dividend has remained at 0.25p per share.
Eyre added: “We continue to expand the business and have the financial flexibility to take advantage of any opportunities that come about as a result of the current slowdown and remain well placed to benefit as and when growth returns to the economy.”