Carpetright profits slump
The long-serving boss of Carpetright revealed a 72% profits slump today as he warned more normal trading conditions were still more than 12 months away.
Lord Harris of Peckham, the company’s chairman and chief executive, described his 51st year of selling carpets as "extremely challenging" after like-for-like sales slumped 13.5% in the UK and Ireland during the year to May 2.
Pre-tax profits fell to £16.7m from £59.5m a year earlier, despite continued growth from the company’s estate of European stores.
Lord Harris said: "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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