Carpetright chief warns over double-dip recession

City A.M. Reporter
THE head of Britain’s biggest floor coverings retailer, Carpetright, warned a “double dip” in the UK economy was likely yesterday as his firm reported its second downbeat trading update in five weeks.

Chairman and chief executive Lord Harris, said there was “no question” Carpetright’s own sales had “double dipped”.

The firm, which trades from 586 stores in the UK and Ireland, regards itself as typically “first in, first out” of recession.

Carpetright, which issued a profit warning last month, said sales at UK and Ireland stores open over a year increased 1.5 per cent in the 12 weeks to 24 April, the bulk of the firm’s fourth quarter.

The outcome at Carpetright, considered a bellwether for the retail sector, was below internal expectations.