Sunny

Sunny

max temp: 21°C

min temp: 16°C

Search

The pigs have arrived. See the latest

Pigs Gone Wild

news here.

Retail: Carpetright issues its third profits warning in six months

10:26 26 March 2014

Carpetright has issued its third profits warning in six months.

Carpetright has issued its third profits warning in six months.

Carpetright warned over profits for the third time in six months today after admitting it has yet to benefit from the UK’s housing market recovery.

The floor coverings retailer said signs of improvement reported earlier this year had tailed off to leave UK like-for-like sales flat in the eight weeks to last Saturday, compared with the 1.9% improvement seen in January.

Shares dived 8% after the company said underlying profits for the year to the end of April will be in the range of £3.5million to £5.5m, against £9.7m a year earlier.

As well as the slow recovery in the UK, Carpetright has continued to face difficult trading conditions in the Netherlands, which is the company’s second biggest market with 95 stores.

Executive chairman Lord Harris said: “In our last trading statement, we reported that like-for-like sales in the UK were volatile, and this remains the case.

“Nevertheless, based on previous experience we had expected to see some recovery as UK housing transaction volumes improved.

“In the event, this has yet to materialise and the momentum established in the third quarter was not sustained.”

Cantor Fitzgerald retail analyst Freddie George slashed his profits forecast to £4.5m from £8.5m in the wake of today’s update.

He added: “We continue to believe that the company’s conforming format is not effective enough against the independents. It is too focused on price, in our view, and not aspirational enough for mainstream customers.”

2 comments

  • We don't simply run out of carpet like we do milk. There's only so many carpets you can sell!

    Report this comment

    TrollFace

    Thursday, March 27, 2014

  • We don't simply run out of carpet like we do milk. There's only so many carpets you can sell!

    Report this comment

    TrollFace

    Thursday, March 27, 2014

The views expressed in the above comments do not necessarily reflect the views of this site

South East Suffolk Magistrates' Court

A 20-year-old man from Ipswich has been charged with allegedly kicking a female police officer in the face and biting her male colleague.

BHS in Ipswich.

With BHS set to close across the country by the end of August, retail bosses and politicians are now looking for an alternative use for the large store in Ipswich’s Butter Market Street.

Roadworks on Princes Street in Ipswich.

A year ago the Ipswich Vision was published – looking at how the town centre should be transformed to make it more attractive to shoppers and those looking for a day out.

The Premier Inn hotel in Bury St Edmunds - council teams stayed at the Bournemouth hotel

They may be based just yards from each other – but Suffolk County Council and Ipswich Borough had very different bills at the end of their annual visit to the nation’s main event for local authorities.

Registered sex offenders missing

Six of Suffolk’s 700-plus registered sex offenders are currently listed as missing, police have said.

The Ipswich Borough Council building on Russell Road.

Ipswich Council is being reorganised in a bid to make the authority more focussed on attracting new business and jobs to the town.

Filming for the new BBC comedy drama 'Detectorists' in Framilngham. Mackenzie Crook on the set.

Film firm which has worked on Star Wars, The Apprentice, BFG and Jason Bourne films hopes to bring blockbusters to Suffolk

Essex Fire and Rescue has issued safety advice after the candle fire. Photo: David Stubbs

A candle left unattended in a bathroom has caused a house fire in Clacton.

Felixstowe Pier in 2015

Two children were taken to hospital after being rescued from the sea off Felixstowe today.

Programme Name: Robot Wars - TX: n/a - Episode: n/a (No. n/a) - Picture Shows: The House Robots Dead Metal, Sir Killalot, Matilda, Shunt - (C) Mentorn Media Scotland - Photographer: Alan Peebles

“For too long, the schedules have cried out for a show in which dedicated amateurs, toiling day and night, handcraft sophisticated automatons built on the delicate interplay of hand-wired servo motors with custom-built circuit boards and fingertip motion control, just to see them get smashed to pieces by a dustbin carrying a massive hammer.

Most read

Most commented

HOT JOBS

Show Job Lists

Topic pages

Streetlife

Newsletter Sign Up

Great British Life

Great British Life
MyDate24 MyPhotos24