Carpetright CEO Departs, Profit Warning Issued
London, England, Oct. 4, 2013 -- The UK's largest floor-covering retailer, Carpetright, said chief executive Darren Shapland has left the company.
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In addition, it issued a profit warning.
Shares fell more than 10% after the firm made the announcements.
Lord Harris, who founded Carpetright, will move from his part-time role to become the group's full-time chairman. His 24-year reign as chief executive ended in 2011 with the appointment of Shapland.
Harris said the sales environment remains soft despite recent improvements to mortgage approvals and consumer confidence.
UK sales were down 2.5% in the 10 weeks ending Sept. 29, while the picture in continental Europes was even worse as sales fell 7.6%.