Carpetright cautious for year ahead as it posts 72% fall in profits
by Kay Murchie
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
Related financial stories to: Carpetright cautious for year ahead as it posts 72% fall in profits:
- WH Smith posts 4% fall in Christmas sales
- Nationwide posts 62% fall in H1 profits
- Hewlett-Packard to axe 6,400 posts as profits fall
- Deutsche Bank posts 47% fall in profits
- Exxon posts 23% fall in Q4 profits
Next: HMV profits boosted by collapse of Woolworths and Zavvi »
Visited 657 times, 1 so far today
No Comments »
No comments yet.
RSS feed for comments on this post.
Leave a comment
Tags: Carpetright, cautious, downturn, fall, full year, housing market, profits, recession
