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Carpetright issues second profit warning in two months

Carpetright Britain's biggest floor covering retailer, warned on profits for the second time in as many months on Thursday, as shoppers hold back on expensive purchases amid rising bills and government cuts.

The group, which trades from around 700 stores in Britain, Ireland, the Netherlands and Belgium, said profit before tax and one-off items for the year ended April 30 would be broadly in line with 2008-9's figure of 17.2 million pounds ($28 million).

It had said in February it expected profits to be above that level, but below 2009-10's 28.2 million.

A string of British retailers inluding household goods group Home Retail, electricals retailer Dixons, mother and baby products chain Mothercar and music to books group HMV have warned on profits in recent weeks.

Bellwether group Marks & Spencer said on Wednesday it was benefiting as shoppers cut back on major purchases, but still allow themselves "affordable treats."

Carpetright said it would issue its normal year-end trading update on April 27.

Its shares have lagged the UK general retail sector .FTASX5370 by 12 percent over the past year. They closed at 671.5 pence on Wednesday, valuing the business at about 454 million pounds.

Source : Mark Potter - Reuters

07 April 2011
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