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Trading statements

Carpetright FY to be at lower end of forecasts

25 April 2017 07:20

Carpetright has warned that full year profits were likely to be towards the lower end of current forecasts.

The group said it saw continued growth in the UK in the 12 weeks to 22 April with like-for-like sales up 1.4%, despite tougher market conditions.

The group said Rest of Europe continued to benefit from improving economic confidence and positive currency impact.

Chief executive Wilf Walsh said:"In common with other retailers in the home improvement sector in the UK we have experienced tougher trading conditions over the last three months.

"Having said that, we are pleased to report continued like-for-like sales growth, with an increase of 1.4% in our fourth quarter.

"Following a further acceleration of the investment programme in the final quarter we have completed 188 store refurbishments - surpassing our target of 150 stores, which represents over 40% of the UK estate.

"Despite the inevitable disruption factor, the performance of these refurbished stores has been encouraging giving us confidence to continue with the programme.

"Trading in the Rest of Europe was in line with our expectations, underpinned by a continuing recovery in economic confidence, particularly in the Netherlands. "Whilst we remain confident in our turnaround plan, the level of sales growth in our final quarter leads us to expect that full year profits will be towards the lower end of the current range."

Story provided by StockMarketWire.com

Related Company: CPR

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