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Carpetright shares dive following profit warning

Shares in Carpetright have dropped by more than a quarter following a refreshing profit warning.

The group announced that trading conditions in the weeks since 19 January have ‘remained difficult’.

Shares fell by 24% in early trading, having fallen by over 60% over the past 12 months.

Like-for-like sales have improved but still remain negative for the company.

Despite the important Easter trading period is still to come, Carpetright still expects to report a small underlying pre-tax loss for the year ending 28 April 2018.

The Group is proactively engaged in constructive discussions with its bank lenders in order to ensure it continues to comply with the terms of its prevailing bank facilities.

The company has over 550 stores across the UK.

This comes at a time when both Toys R Us, Maplin and Prezzo have all announced store closures.

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