London, England, June 27, 2006--Carpetright's annual profits have tumbled 11 per cent following last year's slowdown in the UK housing market.
The carpet and floor coverings retailer said pre-tax profits for the year to April 29 fell to £64.2 million from £72.5 million.
It came as total sales slipped more than 2 per cent to £451.4 million after a weak first half more than offset a recovery in the second half when sales were up 4 per cent.
The stronger second half mirrored a recovery in UK house sales with new carpets often high on the list of priorities for new homeowners.
The turnaround sent second half profits up by nearly 17 per cent and Carpetright said it is well placed to build on the growth seen towards the end of last year.
However, it warned that higher rents, rates and energy costs will increase overheads by 5 per cent to 6 per cent this year.
