Carpetright revenue falls £13.4% in “challenging period”

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Carpetright
// Carpetright makes pre-tax loss of £24.8m in the year to April 27
// Group revenues fell 13.4% to £386.4m
// Underlying EBITDA was £2.9m – in line with expectations

Carpetright has said it remains confident due to a major restructuring earlier this year despite a pre-tax loss of almost £25 million.

For the year ended April 27, the retailer experienced a pre-tax loss of £24.8 million, down from a profit of £53 million loss last year, while group revenues fell 13.4 per cent to £386.4 million during the year.

Carpetright, which took out a CVA last year, said its underlying EBITDA was £2.9 million – was in line with expectations, versus £7.1 million the previous year.

Meanwhile, UK like-for-likes in the first eight weeks of the new financial year rose 8.5 per cent compared to a 14.6 per cent fall in the previous year.

“2018/19 was a transitional year as we took tough but necessary action to address our legacy property issues and restructure the UK store estate,” Carpetright chief executive Wilf Walsh said.

“This difficult task was carried out against the backdrop of a challenging trading environment but was essential to put the business back on the path to sustainable profitability.

“We remain the clear number one player in floorcoverings, having maintained our market leadership during an exceptionally challenging period, and our brand attributes remain strong.”

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