National floorcovering retailer Carpetright has announced a 72% slide in pre-tax profits for the 12 months to May 2.
The retailer saw revenues decline 7.4% in the period, but it was pre-tax profit that really took the hit, with the total declining to £16.7m from £59.5m the year before.

Carpetright chief executive Lord Harris of Peckham described trading conditions as the worst he's ever known in his 51 years of selling carpets and that he didn't expect trading to begin to normalise for "at least 12 months".

"I have said before that I expected my 51st year of selling carpets to be extremely challenging and it has proved to be the case," he said. "Market conditions and consumer confidence declined throughout the year, leading to a reduction in sales volume and profitability.