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Carpetright full year profit to fall below expectations

Carpet and floor coverings retailer Carpetright said the rate of recovery seen towards the end of 2009 has not been sustained and group profits for the year to 1 May 2010 are likely to fall below current market expectations.

CITY & CORPORATE

Carpetright full year profit to fall below expectations

Carpet and floor coverings retailer Carpetright said the rate of recovery seen towards the end of 2009 has not been sustained and group profits for the year to 1 May 2010 are likely to fall below current market expectations.

Like for like sales in the UK and Ireland increased 1.4% in the seven weeks to 20 March comp
ared to a 2.3% rise in the 13 weeks to 30 Jan 2010.
 
Lord Harris of Peckham, Chairman and Chief Executive, said: "As we reported in our last trading statement, poor weather in the UK after Christmas severely affected the final weeks trading in our third quarter.  Nevertheless, based on previous experience we expected to recover some of this lost trade in the remaining weeks of the year.  It is now clear that recent like for like sales growth, while remaining positive, has not returned to pre-Christmas levels and the recovery from weak trading in January has not been as significant as expected."

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