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Carpetright issues third profit warning in six months

Published: 28 March 2014
In its latest announcement Carpetright predicts year ending April 2014 pre-tax profits of £3.5m to £5.5m, well below forecast of £7.8m.
Carpetright issues third profit warning in six months
During the eight weeks up to March 22 2014 and since the last profit warning in January, the business had expected to see some improvement in sales as the UK housing market picked up.

There was some hope on the horizon as like-for-like sales for the retailer in the UK increased by 0.2%, but total sales actually declined by 0.8%.

Trading for Carpetright in Europe was also hindered because of difficult economic conditions in the Netherlands. As a result, like-for-like sales decreased by 5.3% and total sales decreased by 8.5%.

Carpetright's chief executive Lord Harris of Peckham hopes that European business will improve over the coming months with the recent appointment of former Dreams chief executive Nick Worthington as European operations director.

Lord Harris said: "Nick brings with him a wealth of retail experience, with a strong focus on home furnishings."

The up-coming Easter trading period could prove pivotal for the UK's largest floor-covering retailer as it tries to increase sales before releasing its end year results in June.

Lord Harris added: "With the important Easter trading period still to come, we are continuing to concentrate on a range of self-help measures as we seek to improve the group's performance."

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