Carpetright Issues New Profits Warning

London, England, Feb. 1, 2012 -- Carpetright has issued a new warning on profits.

Carpetright, which has 501 stores in the UK, said sales remained volatile and have been hurt by sales promotions, meaning profits for the year to April 28 were likely to come up short of even the most pessimistic forecasts.

Carpetright's same store sales were down 0.5% in the 12 weeks to January 21, while margins continue to be hurt by the need for discounting.

"Looking forward, I see no respite from the challenging environment over the next 12 months but remain confident the group will emerge in a strong position to deliver future growth once consumer demand improves," chairman Lord Harris said.