Carpetright has posted a 33.1 per cent pre-tax profit growth in the full year trading period leading to April 30 this year.
The underlying profit of £17.3 million is in-line with market expectations compared to last year‘s pre-tax earnings of £13 million of that same period.
However, the UK‘s largest bedding and carpet retailer said sales revenue across the company dipped by 1.3 per cent to £456.8 million, compared to £462.6 million posted last year.
In the UK, Caprtright‘s like-for-like sales increased by 2.8 per cent while across Europe, like-for-like sales growth was 4.8 per cent.
The news comes just as the company prepares to launch new branding across the business from July 1, as well as new product ranges and planned refurbishments for 100 stores across its UK estate.
Capetright chief executive Wilf Walsh said he was pleased with the results, but conceded the company faced some challenges.
“Trading conditions in the early weeks of the new financial year have been more challenging, against strong comparatives in the prior year and in a market which is increasingly competitive, particularly in the UK,” he said.
“The outlook has been further complicated by the outcome of last week‘s referendum and we are cautious about the impact the associated uncertainty will have on consumer confidence.
“Whilst we have a long journey ahead in transforming Carpetright, we have a clear direction and are confident that our plans for repositioning the business will yield positive results.”