Carpetright sees no respite from 'challenging' market

Lord Harris, chairman and chief executive of struggling Carpetright, has said that he is confident that the business will emerge in a strong position, despite the challenging market and profits being substantially reduced.

Carpetright reported a 1.5% drop in group sales in July after issuing three profit warnings earlier in the year.

At the group’s AGM yesterday Lord Harris said: “In the year to 30 April 2011 we continued to experience challenging market conditions with fragile consumer confidence producing a weak floor coverings market.

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

“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.”

In a separate statement, Carpetright said that Darren Shapland had rejoined the group as a non-executive director.

Shapland was Carpetright's group finance director from 2002 to 2005. Most recently, he was an executive director of Sainsbury’s and will continue in his role as the chairman of Sainsbury's Bank plc.

Lord Harris said:"I am delighted that Darren has agreed to join Carpetright's board as a non-executive director. He was an outstanding finance director when he was with us before and his subsequent success at Sainsbury's speaks for itself."

Source : The Retail Bulletin
www.theretailbulletin.com/news/carpetright_sees_no_repsite_fromchallenging_market_09-09-11/