Carpetright profits down by 70%

Carpetright has reported a 70% slide in full-year profits and warned it will close more stores in an effort to weather the consumer downturn.

The floor coverings specialist said profits reduced to £6.6m (€7.37m) in the year to April 30 after householders were put off making major purchases and also found it harder to obtain mortgages in order to move home. Sales in the UK and Ireland fell nearly 5% to £404.5m (€451.8m) in the year.