Carpetright sees cause for optimism despite profit slump
Annual profits at Carpetright slumped to £4 million today but the retailer offered some comfort over its recent sales performance.
The group, which has 490 stores in the UK, has seen its profits take a downward spiral from £17 million last year and £62 million in 2008.
Its like-for-like sales in the UK were down 0.2 per cent over the year to April 28 - squeezed by higher levels of promotional activity in a weak market - but Carpetright said there was “cause for optimism” in recent trading.
Former Sainsbury’s director Darren Shapland has just returned to the carpet firm as chief executive to work alongside Carpetright’s founder and veteran retailer Lord Harris of Peckham.