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Carpetright sales rise 1.4%, but not enough to avoid profit warning Tuesday, 24th April 2012
Carpetright has been forced to warn on year profit yet again, as the retailer cited poor sales in beds and a weak European economy as the key factors for the disappointing results.
Sales at British stores open over a year rose 1.4 per cent in the 11 weeks to 14 April, the bulk of Carpetright’s fourth quarter, compared with a fall of 0.5 per cent in the third quarter.
Like-for-like sales across Carpetright’s European operation fell 4.4 per cent, on the back of a 0.3 per cent rise in the previous quarter.
"The fragile confidence of our customers continues to produce a weak and volatile floorcoverings market," said Carpetright's founder, chairman and chief executive Philip Harris as reported by Reuters.
"We are encouraged to see the UK floorcoverings business return to like-for-like sales growth and are cautiously optimistic that this trend will continue into the new financial year."
Following a warning in January from the retailer, analysts cut Carpetright’s forecasts to around £6 million. The company on Tuesday said that it was now on track for a pretax profit in the range of £3-4 million.