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Carpetright issues profit warning

Carpetright has said that trading conditions since its last financial update on 19 January have remained difficult due to weak consumer confidence and that it now expects to report a small full year loss.

HOME & DIY

Carpetright issues profit warning

Carpetright has said that trading conditions since its last financial update on 19 January have remained difficult due to weak consumer confidence and that it now expects to report a small full year loss.

While UK like-for-like sales have improved throughout the period and trading in the company’s Rest of Europe business has also improved, Carpetright said the overall picture remains negative.

In a statement, the company said: “Although the important Easter trading period is still to come, UK like-for-like sales remain below management expectations and the group now expects to report a small underlying pre-tax loss for the year ending 28 April 2018.

“The group is therefore proactively engaged in constructive discussions with its bank lenders in order to ensure it continues to comply with the terms of its prevailing bank facilities. The bank lenders have indicated that they currently remain fully supportive.”

Carpetright is also examining a range of options to accelerate the turnaround of the business and strengthen its balance sheet.

Founded in 1998, Carpetright trades from 434 stores and concessions in the UK as well as 137 stores across Holland, Belgium and the Republic of Ireland.

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