|    FM Home   |    FM News   |    FM Forum   |    FM Blog   |   
03rd of July 2011
|   Banking  |   Insurance  |   Property  |   Mortgages  |   Economy  |   Investments  |   Credit Cards  |   Debt  |   Loans  |   Pensions  |   Companies  |  

Carpetright cautious for year ahead as it posts 72% fall in profits

Bookmark and Share

by Kay Mitchell
”Carpetright

Carpetright, which has been hit by the housing market slump and the recession, has today posted 72% decline in full-year profits.

Britain’s largest carpet retailer reported a pre-tax profit of £16.7 million in the year to May 2, compared with £59.5 million for the same period a year ago. Annual revenues were down 7.4% from a year ago to £482.8 million.

Shares in the group have lost 16% of their value over the last 12 months but have gained 45% over the last three months.

Chairman and chief executive Lord Philip Harris said: “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. Market conditions and consumer confidence declined throughout the year.”

The group said it remains cautious about the year ahead but it is “confident that the investments we have made in our stores, ranges, services, cutting and distribution centre and IT systems will support future growth.”

The company, which has almost 700 stores and operates in the UK, Ireland, the Netherlands, Belgium and Poland, is valued at £398 million.

Discuss this in the Finance Markets forums

Story link: Carpetright cautious for year ahead as it posts 72% fall in profits



News posted: June 30, 2009

Financial Services:





Related financial stories to: Carpetright cautious for year ahead as it posts 72% fall in profits:
Previous: «
Next: »

Visited 1512 times, 2 so far today

No Comments »

No comments yet.

RSS feed for comments on this post.

Leave a comment

Tags: , , , , full year, , ,

 

Economy News feed Economy News

Companies news feed Company News

All Financial News feed All Financial News