Carpetright warns on profits for the second time
Carpetright has issued its second profits warning of the year as consumers continue to hold back on making expensive household purchases in the midst of government cuts and rising prices.
In a statement made today, it said it expected pre-tax profits for the year to 30 April to be in line with those achieved in 2009, around £17.2million. In February, Carpetright had said that it expected profits to be greater than this but less than the £28.2 million achieved in 2010.
The company said, “Difficult trading conditions have persisted in the UK and Republic of Ireland, with fragile consumer confidence producing a weak floor coverings market.”
Shares dropped by 6.5% in light of the announcement when the market opened in London this morning.
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