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Carpetright Reports 72% Slump In Annual Profits,

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http://news.bbc.co.uk/1/hi/business/8125788.stm

Carpetright has reported a 72% slump in annual profits, saying it has been hit by both the weakness in the housing market and the wider recession.

The carpet and floor coverings retailer made a pre-tax profit of £16.7m in the 12 months to 2 May, down from £59.5m for the same period a year earlier.

Annual revenues at the firm declined 7.4% from a year ago to £482.8m.

Carpetright said it did not expect to see trading conditions improve for at least another 12 months.

"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," said chairman and chief executive Lord Harris.

"Market conditions and consumer confidence declined throughout the year."

Looks like profits have fallen through the floor .......

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Has this news boosted the share price?

It wouldn't surprise me if it had. Under the circumstances, that's a pretty good performance.

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Guest sillybear2
They've had the rug pulled out from underneath them.

You're on a roll.

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That's an impressive 51 year prediction.

"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,"said chairman and chief executive Lord Harris."

Ahh, but what more would you expect from Lord Harris of Peckham

His first delivery van...

TrottersBBC_468x285.jpg

Edited by 3 Men In A Boat

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