Harris unrolls carpet format
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Carpetright, the rapidly expanding carpet retailer run by former Harris Queensway chief, Sir Phil Harris, is to roll out a new format in a bid to capture 20 per cent of the UK market.
The new, larger style stores are called Carpet Depot. They feature a wider range of stock and include a more upmarket range costing up to pounds 50 a square metre and will offer interest-free credit whereas Carpetright's other stores do most of their business in cash, cheque and credit card.
The first branch opened in West Thurrock in Essex last month. A fourth opens near Edinburgh next week and the company plans a rapid expansion to a chain of 70 outlets over the next four years.
Sir Phil said: "It will meet the department stores like John Lewis head- on. It will be a low-margin, high-volume business. It's very exciting."
However, there are concerns that the new larger stores might cannibalise the existing Carpetright outlets. Kingfisher has already found that its new Warehouse DIY stores have hit the existing branches of B&Q.
Sean Eddie, retail analyst at NatWest Securities, said: "If you put in a category killer you are clearly going to take market share. But if you are already the biggest then you are more likely to feel a disproportionate amount of pain." However Sir Phil is confident that the new stores are aiming at a different market to Carpetright.
After its flotation two years ago Carpetright has expanded to a chain of more than 200 stores. In June it reported a 40 per cent increase in profits to pounds 20m for the year to April. The shares closed 4p lower yesterday at 342p.
COMPANY RESULTS
Turnover pounds Pre-tax pounds EPS Dividend
Berry Birch & Noble (I) 3.34m (4.05m) -0.05m (0.38m) -1.2p (4.4p) nil (1.8p)
BDA Holdings (I) 0.36m (0.71m) -0.07m (-0.55m) -0.36p (-3.01p) nil (nil)
Blockleys (I) 5.28m (5.24m) -0.21m (0.11m) -0.58p (0.32p) nil (0.4p)
Body Shop Interntnl (I) 105m (93.5m) 9.1m (12.3m) 2.8p (4.2p) 1.08p (0.9p)
Bridport-Gundry (F) 28.4m (27.1m) 1.34m (0.74m) 8.64p (6.16p) 3.6p (3p)
DFS Furniture Co (F) 145m (135m) 26.3m (21.4m) 16.57p (14.39p) 8.3p (7.2p)
Ewart (F) 7.59m (5.9m) 1.48m (1.13m) 4.34p (5.21p) 1.1p (1p)
Havelock Europa (I) 22.8m (15.7m) 2.04m (1.56m) 5.3p (5.2p) 1.2p (1p)
Town Centre Secs (F) 22.0m (20.0m) 9.3m (8.8m) 6.38p (5.40p) 3.25p (3.04p)
IAWS Group (F) Ir511m (Ir480m) Ir16.2m (Ir12.8m) 10.2p (8.7p) 2.657p (2.415p)
(Q) - Quarterly (F) - Final (I) - Interim
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments