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Carpetright profits floored.

Divi slashed as profits tumble by 72.3 per cent to £17.2m (2008: £62.1m)

CITY & CORPORATE

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
nt.

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.

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