Carpetright CFO to step down as sales fall

Carpetright has reported its like-for-like sales “remained negative” during the 13 week period ending 26 January and also revealed its CFO is to leave the company.

In the trading update Carpetright said that “as anticipated” its UK like-for-like sales remained negative for the period, although the trend improved from that of the first half. It added “trading patterns have remained volatile week to week, against a backdrop of uncertainty and weak consumer confidence”.

However the group’s trading in the rest of Europe has been “tracking consistently ahead” of the same period last year, driven by a “strong performance” in the Netherlands.

Carpetright said it is on target to achieve the £19m of annualised cash savings announced as part of the recapitalisation of the Group in May 2018.

In the update Carpetright also announced that Neil Page will be leaving his role as CFO, after more than a decade in the position. Page will step down from the board on 25 February but will continue to work in the business until the end of the financial year on 30 April.

Page will be succeeded by Jeremy Simpson, who will become CFO on 25 February 2019.  Simpson was most recently CFO of Sureserve Group plc (previously Lakehouse plc) from 2014. He has also held senior finance roles at Hunting plc and Shanks Group plc, where he joined as UK finance director in 2011, before becoming group development director in 2013.

Wilf Walsh, chief executive, said: “As CFO, Neil has made an outstanding contribution to Carpetright over many years and the Board wishes to express its gratitude for his unstinting commitment to the business, particularly through the recent challenging period of restructuring. We are delighted that Jeremy is joining us as CFO – he has a strong plc track record and will be able to integrate swiftly into the executive team.”