Troubled retailer Carpetright has said that its performance improved significantly in the fourth quarter as it looks to bounce back following a torrid 12 months.
The firm stated that its overall trading performance in the 12 weeks to April 20 was in line with expectations, with like for like sales showing a big upswing compared to the year to date figure.
Carpetright credited higher customer confidence in the business following the group’s restructuring last year.
Shares were flying 37% higher in morning trade at 21p.
Boss Wilf Walsh said: “This has been a transitional year for Carpetright and we remain on track both with our recovery plan and our strategic initiatives.
“The actions taken are driving improvement, particularly in the invested store estate, and the brand remains strong.
“Whilst consumer confidence remains challenged in the UK, the work we have done to reposition the business is starting to deliver the benefits necessary to put Carpetright back on the path to sustainable profitability.”
The group also confirmed it is on target to deliver promised annual cost savings of £19 million, agreed as part of a rescue deal announced in April 2018 that will see it undergo a dramatic store closure programme.
Carpetright embarked on a company voluntary arrangement (CVA), allowing it to close up to 81 under-performing outlets.
Trading in the rest of Europe is ahead of the same period last year, driven by a strong performance in the Netherlands, Carpetright added.