Carpetright Sees Continuing Weak Market Ahead

London, England, Sept. 9, 2011 -- Carpetright, the U.K.’s biggest carpet retailer, sees no relief in the next year from difficult economic circumstances.

“In the year to April 30, 2011, we continued to experience challenging market conditions with fragile consumer confidence producing a weak floor coverings market,” chairman Philip Harris said.

Harris said the company is profitable and is producing cash, but profits have been substantially reduced.

Earlier this year, the company said it didn’t expect to see a recovery in consumer demand for two years as high inflation and stagnant wages leave people with little money to spend.