UCG United Carpets Group Plc

 

TIDMUCG 
 
RNS Number : 5823T 
United Carpets Group plc 
30 September 2010 
 

 
 
 
                            United Carpets Group plc 
                        ('United Carpets' or 'the Group') 
 
                                  AGM Statement 
 
 
The following statement was made at the Annual General Meeting of United Carpets 
held today at 10.00am. 
 
'During the 25 weeks to 30 September 2010, trading has been challenging as 
consumer sentiment across our target market remained cautious in the lead up to 
and post the General Election. Overall like for like sales were 5.5% lower, 
which reflects the market environment but also the relatively strong trading in 
the comparable period last year. 
 
Market demand over the last two years has been volatile, primarily reflecting 
the prevailing economic uncertainty. United Carpets continues to be well 
positioned, however, to defend its market share through providing exceptional 
value for money. With the majority of stores operating under the Group's 
franchise model, the business benefits from the entrepreneurial drive and 
motivation of the individual store owners which, we believe, is a critical 
advantage over more traditional retail networks. 
 
During the period, the Group has continued to make progress in attracting new 
franchisees. Since March 2010, 3 new franchised stores have opened and 2 stores 
have closed (one corporate store due to lease expiry and one franchised store, 
temporarily, due to a fire). We have taken back 4 stores into the corporate arm 
and 5 have been re-franchised so that we currently operate from 73 franchised 
stores and 10 corporate stores. We have in place an excellent pipeline of 
potential franchisees many of whom have already made a significant financial 
commitment to join the Group. 
 
Whilst management recognise the challenging market conditions they note the 
possible benefits from customers looking to take advantage of the last months 
before the VAT increase in January 2011. We will continue to offer outstanding 
value for money on wide ranges of flooring, far outstripping local independent 
competitors who cannot match the advertising spend or the depth of products 
available in a United Carpets store and the current market environment may well 
create opportunities for the Group to increase market share in key areas. 
 
The Group's long term future remains sound supported by positive cash balances, 
an expanding store portfolio and a well established brand. We will report our 
interim results for the 6 months ended 30 September 2010 in December 2010.' 
 
Enquiries: 
 
United Carpets 
     01709 732 666 
Paul Eyre, Chief Executive 
Ian Bowness, Finance Director 
 
Cardew Group 
   020 7930 0777 
Tim Robertson 
Jamie Milton 
 
Seymour Pierce 
Jonathan Wright/Nicola Marrin                                                020 
7107 8000 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 AGMSDFSWSFSSELU 
 

United Carpets (LSE:UCG)
Historical Stock Chart
Von Jun 2024 bis Jul 2024

United Carpets (LSE:UCG)
Historical Stock Chart
Von Jul 2023 bis Jul 2024