Struggling Carpetright slumps to loss as it closes stores
Carpetright has announced a statutory pre-tax loss of £70.5m for the year ending April 2018, having made a small profit 12 months earlier.
Like-for-like sales in the UK fell by 3.6%, with the steepest decline coming in the second half of the year.
The floor covering firm launched a Company Voluntary Arrangement (CVA) in April as part of a rescue plan which allowed it to close some stores.
Chief executive Wilf Walsh said the CVA offered the chance to rebuild the firm. “This will be a transitional year for the group as we work through our recovery plan,” he said.
Mr Walsh explained that going forward, the company was going to focus on four areas – who it is, what it sells, how it sells and where it sells.