Partner Article

Profits slump at Carpetright

Profits at Carpetright have slumped to £4 million, following a difficult period for the floor covering market.

The Group has issued a series of profit warnings, which have been attributed to a “weak and volatile” market.

Profit have fallen drastically at the firm, from £17 million last year and £62 million in 2008.

Like for like sales in the UK were down by 0.2% during the year to April 28, squeezed by high levels of promotional activity in a weak market. However, Carpetright believes that there is “cause for optimism” in recent trading.

Carpetright chairman Lord Harris said: “In my statement last year I said I expected the coming year would be challenging, with an extended period of economic uncertainty and fragile consumer confidence, and this proved to be the case,”

When the £9.5m of exceptional items are included, pre-tax profits come in at £13.5m.

This was posted in Bdaily's Members' News section by Ruth Mitchell .