Carpetright profits fall 11%
Tuesday 1st July 2008, 9:03AM BST.
Retailer Carpetright has become the next victim of the property and credit crunches, posting an 11 per cent fall in profits.
Profit before tax fell to £59.5 million – from £67 million last year, with a like-for-like sales drop of 2.7 per cent in the UK and Ireland.
Carpetright has faced pressures from a slowing property market, meaning carpet purchases have stalled as few people buy properties, and also the credit crunch which has staked consumer spending.
Lord Harris of Peckham, Carpetright chairman and chief executive, said: “My fiftieth year of selling carpets has been a challenging one.
“There is no doubt that the UK floor coverings market became more difficult, in line with other housing and DIY related sectors.”
He added: “This challenge has remained and I believe that the next year will be one of the most difficult I have seen.”
Lord Harris concluded Carpetright was “well placed” to weather the current storm.
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