Carpetright Sees Profits Slide 72%

London, England, July 2, 2009--Carpetright has reported a 72% slump in annual profits, saying it has been hit by both the weakness in the housing market and the wider recession.

The carpet and floor coverings retailer made a pre-tax profit of $27.3 million in the 12 months to May 2, down from $94.1 million for the same period a year earlier.

Annual revenues at the firm declined 7.4% from a year ago to $790.5 million.

Carpetright said it did not expect to see trading conditions improve for at least another 12 months.

"I have said before that I expected my 51st year of selling carpets to be extremely challenging, and it has proved to be the case," said chairman and chief executive Lord Harris.

"Market conditions and consumer confidence declined throughout the year."