Carpetright profit up 68 per cent

City A.M. Reporter
CARPETRIGHT has posted a 68 per cent rise in full-year profit but said that consumer demand was looking subdued in 21010/11.

The firm, which trades from about 586 stores in the UK and Ireland and 117 in the Netherlands and Belgium, said on Tuesday it made an underlying pretax profit of £28.2m in the year to May 1.

That compares with analysts' consensus forecast of £30.1m.

It is under half the 62.1m made in 2007-08.

"Looking forward, we expect the consumer environment to remain difficult and have adapted our plans accordingly," said chairman and Chief Executive Philip Harris.

Carpetright, which regards itself as typically "first in, first out" of recession, said revenue increased 7.0 percent to £516.6m

The firm, which ended the year with net debt of £71.3m is doubling its dividend payment to 16.0 pence.

Shares in Carpetright have lost a quarter of their value over the last six months, underperforming a nine per cent fall in the UK general retailers index .FTASX5370, reflecting a profit warning in March and a further downbeat statement in April.