Switch to holidays challenges floor retailing
July 11, 2022
The switch to holiday purchases in a market beset by uncertainties means challenging times ahead, says leading UK retail chain United Carpets as they report a healthy return to profit during the pandemic.
Filing its first accounts since it left the stock market, the franchise flooring retailer with 56 stores reported net earnings of £1.32 million on revenue of £23.8 million in the year to September 30, 2021 compared with a loss in the extended prior period. Margins were up to 65.2% from 63.5% at Septemebr 2020.
United Carpets left the Alternative Investors Market (AIM) in January 2021, with prior accounts taking in an extended 18 month timeframe, during which it recorded a deficit of £522,000 on revenue of £37.9 million.
"Customers continued to show their loyalty to the brand by delivering an incredible uplift in sales," said the Board.
"Customer focus will turn away from home improvement and towards the holiday industry so we do anticipate that the market environment will still be challenging," said United. "commodity and energy prices continue to increase with oil being a primary concern.
"The uncertainty with Brexit is falling away, primarily due to our supply chain. The ongoing pandemic is still very challenging and clearly it would take a brave person to believe we are completely out of the woods, however, the signs ahead are positive," said the company's statement.
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