United Carpets Group – reassuring AGM statement and a decent yielder
There was a decent AGM statement from the AIM quoted carpet and bed retailer.
Since the beginning of July sales have improved steadily, producing a positive like for like result, up by 2.5% for the period.
The number of corporate stores reduced from 23 to 17 over the period and encouragingly they have in place an excellent pipeline of potential franchisees many of whom have already made a significant financial commitment to join the Group. During the period, overall store numbers remained unchanged at 80 with the immediate focus the successful conversion of corporate stores to franchised stores. Bed sales were up by 11.2% on a like for like basis during the period. With this category still representing only approximately 10% of total sales there is significant scope for this to increase. The Group has robust…