FLOOR coverings retailer CARPETRIGHT revealed it is on track for stronger-than-expected annual profits.

The firm, which runs 459 UK stores, with branches in Bradford, Keighley, Halifax and Guiseley, said strong trading momentum saw its like-for-like sales jump 10.5 per cent in the 12 weeks to April 18.

It now expects profits for the year to May 2 to reach £13 million, topping City forecasts of between £10 million and £11 million.

Chief executive Wilf Walshhas focused on a more contemporary market, kept discount levels under tight review and introduced interest free credit to the business .

A year ago Carpetright slumped to a £7.2 million bottom-line loss, dragged down by much weaker trading at its European operations.

Mr Walsh said: “In the UK our continued focus on effective promotional activity and the introduction of an interest-free credit offer has supported solid like-for-like sales growth of 10.5 per cent Sales in the rest of Europe have also continued to improve, building on the progress made in the third quarter.”

He added the group was well positioned to grow market share and profitability under its plans to extend the appeal of the Carpetright brand.