SHARES in Carpetright soared 6.6 per cent yesterday after the retailer said full-year profits would be ahead of expectations thanks to a pick-up in trading in the UK and overseas.
The floor coverings retailer, which has had a rollercoaster few years after a series of management changes and profit warnings, said UK like-for-like sales rose by 10.5 per cent in the fourth quarter to 18 April. Underlying sales at its European business, including the Netherlands, where trading has been particularly tough, grew 2.4 per cent.
“In light of this strong finish to the year, we now expect that underlying pre-tax profits for the full year will be above the current range of market expectations at around £13m,” chief executive Wilf Walsh said. Analysts had forecast profits between £10m and £11m.
Carpetright, which runs 459 UK stores, posted profits of £4.6m last year.