Carpetright Issues Seventh Profit Warning

London, England, April 24, 2012 -- Carpetright, Britain's biggest floor covering retailer, has issued its seventh profit warning in just over a year despite improved domestic flooring sales.

Carpetright, which is run by its founder, Lord Harris, said annual profits would come in at $4.8 million to $6.5 million, sharply down from the $19.3 million to $27.4 million forecast in October.

This compares with profits last year of $45.2 million. Sales in the UK fell by 3.2% in the 11 weeks to April 14, while group sales were down 4.2%.

Bed sales have fallen short of management expectations while the UK floor coverings business reported a better performance in the quarter, with same store sales up 1.4%.

Sales were boosted by the introduction of a wider laminate range and higher sales at newly refurbished stores.

The group, which has 586 stores and concessions in the UK and Ireland, has refurbished 32 outlets so far.

The company blamed weaker consumer confidence for a 4.4% drop at