Carpetright warns two more years of pain
The firm, which has issued three profit warnings this year, said it would not pay a final dividend.
“Looking forward, over the next two years we expect the consumer environment to remain difficult and have adapted our plans accordingly,” said chairman and chief executive Philip Harris.
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Hide AdCarpetright, which trades from about 700 stores in Britain, Ireland, Belgium and the Netherlands, made underlying pre-tax profits of £16.9m in the year to April 30.
The firm has suffered from a weak floor coverings market, the result of fragile consumer confidence.
Revenues fell 5.8 per cent to £486.8m.
Carpetright ended the year with net debt of £65.7m.
Shares in Carpetright, which has America’s richest man Bill Gates as a six per cent shareholder, have lost seven percent of their value over the last three months.