Cautious Carpetright sees weak trading

Carpets and floorings firm Carpetright today said it was taking a “more cautious” view of prospects this year as financial turmoil and a plummeting housing market dents confidence.

The group’s like-for-like sales were down by 12.5% in the UK and Ireland for the 25 weeks to October 25.

Although October’s performance was ahead of the trend so far this year, trading “continues to be weak,” the firm added.

Shares were down as much as 10% at one stage as chairman and chief executive Lord Harris said the tough conditions would continue for at least another 18 months.

“These current market conditions are the most difficult I have seen and we are now taking a more cautious view of prospects for the full financial year,” he added.

Carpetright operates from 561 outlets in the UK and Ireland, including 60 concessions and 39 Storeys stores.

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