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Carpetright CEO to issue trading warning at AGM

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Carpet and flooring specialist Carpetright is set to hold its AGM later today, where Chairman and CEO Lord Harris will make a statement on trading.

In previous years the retailer has not provided any additional sales or financial information at the AGM, since it falls only five weeks after the first quarter trading update given in early August.

August’s interim management statement revealed that, while overall group sales fell 1.5 per cent in the 12 weeks to July 23rd 2011 compared to the same period last year, this represented an improvement on the 5.8 per cent total trading decrease for the year ending April 30th.

While the company’s decision not to provide any further financial results following the meeting remains, Lord Harris, will focus on the current difficult trading landscape Carpetright is operating in.

“In the year to April 30th 2011 we continued to experience challenging market conditions with fragile consumer confidence producing a weak floor coverings market,” he is expected to comment.

“The group remained profitable and generated cash, although profits for the year reduced substantially.

“As I said in the last interim management statement, looking forward I see no respite from the challenging environment over the next year, but remain confident the group will emerge in a strong position to deliver future growth once consumer demand improves.”

The retailer has implemented numerous discounts in recent times in an attempt to entice cautious consumers to spend on non-essential items, leading to reduced margins which forced the group to close a net 25 stores during the first quarter.

The group will report its pre-close trading update for the first half of its financial year on October 25th 2011.

Published on Thursday 08 September by Editorial Assistant

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