You are here: Home | City and Corporate | Carpetright profits floored.
Carpetright profits floored.
Divi slashed as profits tumble by 72.3 per cent to £17.2m (2008: £62.1m)
In the UK and Republic of Ireland total revenue declined 12.9% to £394.1m with like-for-likes down 13.5 per ce
Underlying operating profit decreased 73.1% to £15.6m whilst the store base increased by 8 to 567.
Lord Harris, Chairman and Chief Executive, 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, leading to a significant reduction in sales volume and profitability. 'Our principal markets of UK & RoI are in recession and the likelihood is that with unemployment set to rise, the housing market will remain weak. Although there have been a significant number of actions taken by the Government to improve the economy, we do not expect a return to more normal trading conditions for at least 12 months.
Tagged as: carpetright | city | retail | retailing
Should your colleagues be reading the Retail Bulletin? Let them know about us.