Carpetright performance remains in line expectations despite volatile retail backdrop; CFO to step down

Writer, Stock Market Wire
Tuesday, February 5, 2019 - 09:02

Beleaguered carpet and floor coverings retailer Carpetright said performance remained in line with expectations despite volatile trading conditions owing to weak consumer confidence. The retailer also confirmed Chief Financial Officer Neil Page was set to step down.

Mr. Page would be succeeded by Jeremy Simpson, who was slated to take up the role 25 February. 

For 13 week period to 26 January 2019, UK like-for-like sales remained negative, but the trend had improved from that of the first half, the company said. 

Still, trading patterns have remained volatile week to week, against a backdrop of uncertainty and weak consumer confidence, the retailer admitted.

Trading in the Rest of Europe, meanwhile, had been tracking consistently ahead of the same period last year, driven by a strong performance in the Netherlands.

The retailer said it remained on target to achieve the £19m of annualised cash savings following recapitalisation of the group in May last year.

At 9:02am: (LON:CPR) Carpetright PLC share price was -0.55p at 20.75p

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