Swot Analysis Of Harris House Annual Report
Carpetright plc Annual report and accounts 2010
Harris House
Purfleet Bypass
Purfleet, Essex RM19 1TT
Telephone +44 (0)1708 802000 www.carpetright.co.uk www.carpetright.plc.uk
Annual report and accounts 2010
Europe’s leading floor coverings retailer
Overview
Financial highlights
1
Business overview
2
Chairman’s statement
4
Directors’ report: Business review
Principal activities
5
Business objective and strategies 5
Operational and financial review
Group financial review
6
9
Key performance indicators
10
Principal risks and uncertainties
11
Employees
12
Corporate social responsibility
13
Directors’ report: Governance
Board of Directors
15
Corporate …show more content…
Like-for-like sales growth – calculated as this year’s net sales divided by last year’s net sales for all stores that are at least 12 months old at the beginning of our financial year. Stores closed during the year are excluded from both years. No account is taken of changes to store size or the introduction of third party concessions. Sales from insurance and house building contracts are supplied through the stores and included in their figures.
2. nderlying operating profits – operating profit, excluding exceptional items.
U
Carpetright plc Annual report and accounts 2010
7
Overview
UK & Republic of Ireland performance review
Key financial results
2010
£m
2009
£m
Change
Revenue
425.2
394.1
7.9%
Like-for-like sales
3.1%
(13.5%)
263.7
Underlying operating profit
244.6
7.8%
62.0%
Gross profit %
62.1%
(0.1pp)
26.2
15.6
67.9% …show more content…
All the stores have now been closed. This has resulted in a non-recurring cost of £3.5m, which is a combination of a non-cash write down of the fixed assets to their realised value and other costs incurred specifically for the closure. This is reported within exceptional items.
Carpetright plc Annual report and accounts 2010
Gross profit increased in both countries on the back of improved rebates and effective management of the promotional mix. Reported operating costs increased by 2.9% to £42.0m, demonstrating the impact of the movement in exchange rates. In local currency terms, costs declined by 2.8% despite inherent inflationary pressures on employment and occupancy costs. This reflected the tight management control and focus on achieving efficiencies within the whole operation.
The net result was an underlying operating profit of £9.6m, an increase of 10.3%. In local currency terms, the underlying profit increased by 4.9%.
9
Group financial review
Net finance charges were £5.9m (2009: £5.6m) reflecting lower deposit rates on cash balances. The effective tax rate on
Harris House
Purfleet Bypass
Purfleet, Essex RM19 1TT
Telephone +44 (0)1708 802000 www.carpetright.co.uk www.carpetright.plc.uk
Annual report and accounts 2010
Europe’s leading floor coverings retailer
Overview
Financial highlights
1
Business overview
2
Chairman’s statement
4
Directors’ report: Business review
Principal activities
5
Business objective and strategies 5
Operational and financial review
Group financial review
6
9
Key performance indicators
10
Principal risks and uncertainties
11
Employees
12
Corporate social responsibility
13
Directors’ report: Governance
Board of Directors
15
Corporate …show more content…
Like-for-like sales growth – calculated as this year’s net sales divided by last year’s net sales for all stores that are at least 12 months old at the beginning of our financial year. Stores closed during the year are excluded from both years. No account is taken of changes to store size or the introduction of third party concessions. Sales from insurance and house building contracts are supplied through the stores and included in their figures.
2. nderlying operating profits – operating profit, excluding exceptional items.
U
Carpetright plc Annual report and accounts 2010
7
Overview
UK & Republic of Ireland performance review
Key financial results
2010
£m
2009
£m
Change
Revenue
425.2
394.1
7.9%
Like-for-like sales
3.1%
(13.5%)
263.7
Underlying operating profit
244.6
7.8%
62.0%
Gross profit %
62.1%
(0.1pp)
26.2
15.6
67.9% …show more content…
All the stores have now been closed. This has resulted in a non-recurring cost of £3.5m, which is a combination of a non-cash write down of the fixed assets to their realised value and other costs incurred specifically for the closure. This is reported within exceptional items.
Carpetright plc Annual report and accounts 2010
Gross profit increased in both countries on the back of improved rebates and effective management of the promotional mix. Reported operating costs increased by 2.9% to £42.0m, demonstrating the impact of the movement in exchange rates. In local currency terms, costs declined by 2.8% despite inherent inflationary pressures on employment and occupancy costs. This reflected the tight management control and focus on achieving efficiencies within the whole operation.
The net result was an underlying operating profit of £9.6m, an increase of 10.3%. In local currency terms, the underlying profit increased by 4.9%.
9
Group financial review
Net finance charges were £5.9m (2009: £5.6m) reflecting lower deposit rates on cash balances. The effective tax rate on