June 25, 2019 / 6:24 AM / 21 days ago

UK's Carpetright narrows loss, says turnaround on track

LONDON, June 25 (Reuters) - British floor coverings chain Carpetright said its turnaround was on track as it reported a narrowing of 2018-19 losses and returned to underlying sales growth in its new financial year.

Last year Carpetright’s shareholders backed a Company Voluntary Arrangement (CVA) restructuring scheme to keep the company alive. The plan closed 80 underperforming stores and cut jobs. The group’s shares are down 42% year-on-year.

The group said on Tuesday it made a statutory pretax loss of 24.8 million pounds ($31.6 million) in the year to April 27, versus a loss of 69.8 million pounds in 2017-18. Revenue fell 13.4% to 386.4 million pounds.

However, UK like-for-like sales in the first eight weeks of the new financial year were ahead by 8.5%. ($1 = 0.7845 pounds) (Reporting by James Davey; editing by Kate Holton)

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