Floor covering firm Carpetright has seen its year losses widen to £7.2m as market conditions remained “challenging” for the business.
Total sales fell 2.2 per cent as poor trading in mainland Europe, particularly the Netherlands, hit profits for the 52 weeks ended 26 April 2014.
“We continue to take steps to develop the business,” said executive chairman Lord Harris. “While we anticipate trading conditions will remain challenging, we expect these actions will underpin an improvement in group performance in the new financial year.”
The company said it refurbished 89 stores in the UK this year, which is aiming to give it a more “contemporary feel” for customers.
The company has issued three profit warnings in the last nine months and in March agreed to change its pricing practices following an investigation by the Office of Fair Trading.
It also confirmed that Wilf Walsh to join as CEO on 21 July 2014, at which point Lord Harris will become non-executive chairman.