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| Version 1 | Version 2 |
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| Carpetright hit by Europe slowdown | Carpetright hit by Europe slowdown |
| (3 months later) | |
| Profits at Carpetright, the UK's largest floor-coverings retailer, have more than doubled to £9.7m, despite threadbare demand from consumers in continental Europe. But the group also reported hefty exceptional costs, largely losses on store disposals and onerous leases, which left it with a statutory loss before tax of £5.1m. | Profits at Carpetright, the UK's largest floor-coverings retailer, have more than doubled to £9.7m, despite threadbare demand from consumers in continental Europe. But the group also reported hefty exceptional costs, largely losses on store disposals and onerous leases, which left it with a statutory loss before tax of £5.1m. |
| Like-for-like sales in the UK were up 2.2% for the year until the end of April, although revenues were flat, as it continued its programme to brighten up its 478 stores. | Like-for-like sales in the UK were up 2.2% for the year until the end of April, although revenues were flat, as it continued its programme to brighten up its 478 stores. |
| Carpetright, which launched with a single shop in London in 1988, has started selling beds and extended its range of laminated flooring and tiles. | Carpetright, which launched with a single shop in London in 1988, has started selling beds and extended its range of laminated flooring and tiles. |
| But the carpet specialist, which does almost 85% of its business in the UK, saw performance dragged down by weak demand from continental Europe. European revenues were down 16%, which the retailer blamed on weak consumer confidence in the Netherlands. Carpetright also has stores in Belgium and the Republic of Ireland. | But the carpet specialist, which does almost 85% of its business in the UK, saw performance dragged down by weak demand from continental Europe. European revenues were down 16%, which the retailer blamed on weak consumer confidence in the Netherlands. Carpetright also has stores in Belgium and the Republic of Ireland. |
| It said subdued mortgage-approval volumes continued to impact on its UK business and warned it was premature to call a wider recovery in the economy. | It said subdued mortgage-approval volumes continued to impact on its UK business and warned it was premature to call a wider recovery in the economy. |
| Darren Shapland, the chief executive, said he expected trading to remain challenging, but "self-help initiatives", such as store revamps, would help underpin positive momentum. | Darren Shapland, the chief executive, said he expected trading to remain challenging, but "self-help initiatives", such as store revamps, would help underpin positive momentum. |
| Philip Dorgan, an analyst at Panmure Gordon, said: "The headline profit numbers look good … but we are disappointed that there is to be no final dividend." | Philip Dorgan, an analyst at Panmure Gordon, said: "The headline profit numbers look good … but we are disappointed that there is to be no final dividend." |
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