Carpetright calls in advisers to cut costs
Furthermore, underlying losses before tax for the period amounted to £23.4m, an improvement from the previous loss of £53m
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Carpetright has reportedly called in advisers to help it explore cost cutting measures as demand weakens and competition increases, according to The Times.
The carpet retailer has appointed Teneo to consider a number of options which could include store closures.
In recent years the company has struggled to deal with increased competition from brands like Tapi, which was started by the son of Carpetright founder Lord Harris of Peckham.
The company has also had to deal with the cost of living crisis and the fact that consumers are not spending as much on big ticket items like carpets.
In the 14 months ended 1 January 2022, the company posted revenues of £372.6m, down from £493.2m in the prior 18 months ended 31 October 2020.
Furthermore, underlying losses before tax for the period amounted to £23.4m, an improvement from the previous loss of £53m.
Retail Sector has contacted Carpetright for comment.
