Carpetright Boosts Profit

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LONDON -- Shares in Carpetright  shot up more than 2% in trade today following the release of the firm's preliminary results for the 52 weeks ended April 27, 2013.

Europe's leading specialist carpet and floor coverings retailer announced that underlying pre-tax profit advanced 142.5% year on year, from 4 million in 2011/12 to 11.4 million in 2012/13. This was helped by a 2.2% increase in like-for-like revenues in the U.K.

Operations in the rest of Europe didn't fare so well, with revenue in local currency declining 10.4% and like-for-like sales down by 11%. However, that didn't stop the group from generating cash and reducing its net debt, the latter down 46.6% to 10.2 million pounds.

Chief executive Darren Shapland commented:

The Group grew underlying profits and generated cash during the year, with an encouraging increase in U.K. retail store like-for-like sales and a significant improvement in gross profit percentage year-on-year. In the Rest of Europe, trading conditions in the Netherlands remained difficult while progress has been made in the recovery plan for the Republic of Ireland.

 The success of our self-help activities in improving Group performance during the period was particularly encouraging, demonstrating that a focus on factors within our control can yield good results.

 While we expect trading conditions to remain challenging, we are confident that the combination of these self-help initiatives will underpin the positive momentum of the Group.

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The article Carpetright Boosts Profit originally appeared on

Sam Robson does not own shares in Carpetright. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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