Business

Carpetright's retail woes continue as sales slide

Carpetright

Last Updated at 23 Feb 2018, 16:30 GMT *Chart shows local time Carpetright intraday chart
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Carpetright has announced more retail troubles after sales fell 5.2% in the second quarter.

The firm said full-year pre-tax profits would be "at the lower end of expectations". It has already issued two profit warnings this year.

For the 12 weeks ended October 22, sales in the UK fell 6.8% while like-for-like sales dropped 3%.

Total sales in the rest of Europe fell by 1.8% with like-for-like sales down 1.7%.

Lord Harris of Peckham, the firm's chief executive, said: "Looking forward, I see no respite from the challenging environment over the next year."

Shares fell 4% to £4.65 in early trading.

Lord Harris added that the group had plans to reduce its cost base by £4m, but gave no further details.

The group has closed 11 shops so far this year, leaving it with 643 stores.

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