Shares in interior retailer Carpetright (LON:CPR) have fallen over 10 percent after a trading update, which saw sales decline by 1.3 percent over the Christmas period.
Whilst sales in the four weeks to 23 January 2016 were up 6.0% on a like-for-like basis, total sales for the twelve week period declined by 1.3 percent.
In local currency terms, like-for-like sales in the rest of Europe, which includes the Netherlands, Belgium and the Republic of Ireland increased by 4.2 percent on year; however, after the impact of currency movements, the final figures showed a 2.7 percent decrease in total sales.
Wilf Walsh, Carpetright’s Chief Executive, said:
“In the UK, we delivered our ninth consecutive quarter of like-for-like sales growth. While we saw some softening of like-for-likes in the pre-Christmas period, reflecting lower footfall, customer numbers recovered in the important January sale period.
“Our trading performance over the last four weeks, with like-for-like growth of 6.0% against exceptionally strong prior year comparatives, gives us confidence that the enhanced interest free credit offer and strong promotions launched on Boxing Day are hitting the spot with our customers. Like-for-like sales growth in our Rest of Europe business was better than expected as consumer spending continued to recover, particularly in the Netherlands and the Republic of Ireland.”
Carpetright are currently trading down 10.67 percent at 402 pence per share. The company have a 52 week range of between 395 and 629.
26/01/2016
