UK's Carpetright in talks with lenders after profit warning

Carpetright profit warning

In January, Carpetright slashed its full-year profit expectations after a "sharp deterioration" in United Kingdom trading.

The UK's biggest floor covering firm said it was in talks with banks about how to make sure it can pay its loans and that its like-for-like sales remain "below management expectations".

The group announced that trading conditions in the weeks since 19 January have "remained difficult". The company had already revised its full-year profit guidance last month to between £2m and £6m, compared to market expectations of around £14m.

It said that while the trend in United Kingdom like-for-like sales had improved, it remained negative.

As a result of the projected loss, Carpetright said it was "proactively engaged in constructive discussions" with its bank lenders in an effort to ensure the firm continued to comply with the terms of its prevailing bank facilities.

The company insists it 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", with the ailing flooring chain adding that 'the bank lenders have indicated that they now remain fully supportive'.

I can knock Joshua out in Cardiff - Parker
I was on FaceTime with him and he got on the scales - he was 17st 7lbs on Sunday night". So far, this is the best camp he's had.

Now a small loss is expected as trading remains very hard.

Carpetright, which has stores in Burnley, Blackpool, Preston, Chorley and Morecambe is now looking at options to speed up a trading turnaround, although it said plans were at an "early stage".

Its latest profit warning comes in a dark week for retail after Toys R Us UK and Maplin both fell into administration yesterday, plunging around 5500 jobs into uncertainty.

Neil Wilson, senior market analyst at ETX Capital, said it could be forced to close some underperforming stores.

The company has 416 stores in the United Kingdom, the majority of which are in out-of-town retail parks.

It added that trading in the rest of the Europe division had also improved, led by a recovery in like-for-like sales in the Netherlands.

Related:

  • IPhone users can now use Instagram-like time and location stickers

    IPhone users can now use Instagram-like time and location stickers

    The update also includes a new feature, where users will be able to search for a participant from the group info window itself. WhatsApp for iPhone's new version 2.18.30 brings Instagram like location and time stickers to be added to photo or videos.
    Dalton teacher arrested after firing handgun at school

    Dalton teacher arrested after firing handgun at school

    No children were injured. "While we can not absolutely confirm the date, we have been told by Magistrate Court personnel that Mr. No one was hit by the shot, fired toward a neighborhood across the street from the school northwest of Atlanta.
    The 90th Year of the Oscars Will Be the Most Social Yet

    The 90th Year of the Oscars Will Be the Most Social Yet

    The artists who sang this year's five nominees for best original song onscreen will reprise their performances at the awards. Cullinan and Martha Ruiz were present when Faye Dunaway and Warren Beatty presented the nominees for best picture .
  • Quarterly Earnings Forecast Review: Independence Realty Trust, Inc. (IRT)

    Quarterly Earnings Forecast Review: Independence Realty Trust, Inc. (IRT)

    Ladenburg Thalmann Financial Services Inc. boosted its position in Independence Realty Trust by 21.4% during the fourth quarter. Lexington Realty Trust (LXP ) stock price tumbled -1.49% to finalize at $7.96 throughout previous buying and selling session.
    Final farewell to Sridevi in Mumbai

    Final farewell to Sridevi in Mumbai

    She chose to take a break from the film industry after her marriage to producer Boney Kapoor and the release of Judaai in 1997. A post-mortem report revealed on February 26 her cause of death was accidental drowning in her hotel bathtub.
    Growth slows but outlook remains positive for United Kingdom  manufacturers

    Growth slows but outlook remains positive for United Kingdom manufacturers

    In short, the picture is one of slowing manufacturing expansion, accompanied by rising momentum in price inflation. Similarly, new export orders rose for the fourth consecutive month, despite softening from January's 16-month high.
  • You Need To Know About Activision Blizzard, Inc. (ATVI)

    The rating was maintained by BMO Capital Markets on Friday, April 7 with "Outperform". (NASDAQ: ATVI ) on Wednesday, February 21. Over the last five days, shares have faced -0.96% losses and now is up 8.4% since hitting its 200-day moving average of $115.18.
    Kroger to stop selling firearms to people under age 21

    Kroger to stop selling firearms to people under age 21

    The company also said Fred Meyer gun departments are being phased out because of slowing customer demand for the products. The Ohio-based company only sells firearms at its Fred Meyer locations in Alaska, Idaho, Oregon and Washington.
    Eric Hoskins' statement on stepping down as Minister of Health

    Eric Hoskins' statement on stepping down as Minister of Health

    Wynne's Liberals face off against a Progressive Conservative Party riven by the downfall of its former leader, Patrick Brown. Hoskins is the latest high-profile Ontario cabinet minister to confirm he won't be on the ballot when Ms.
  • Eric Greitens; Trial Set For May

    Eric Greitens; Trial Set For May

    Greitens' attorneys filed a motion Tuesday seeking to preserve all investigative materials produced by Enterra. On Monday, House Speaker Todd Richardson announced the formation of a committee to investigate the governor.
    Ardern says refugee offer 'remains' as PM defends Kiwi deportations

    Ardern says refugee offer 'remains' as PM defends Kiwi deportations

    The issue of forcible deportations of New Zealand citizens was discussed by Turnbull and Ardern when they met in Sydney on Friday. Ardern said she accepted the Australia Government was well within its rights to exercise it deportation policy.

    Private Advisory Group LLC Acquires 4020 Shares of Chevron Co. (CVX)

    Bank of America set a $125.00 price objective on Chevron and gave the stock a "buy" rating in a report on Saturday, December 2nd. Massachusetts-based Portolan Capital Mgmt Lc has invested 0.07% in Carrols Restaurant Group, Inc. (NYSE:ORN) for 301,435 shares.

Comments

Latest news

Knicks blown out by Warriors in second half
And just like that, the Warriors secured a 72-64 lead with 9:05 left in the third quarter after completing a 9-0 run. Golden State Warriors power forward Jordan Bell (ankle) is probable for Monday's game against the New York Knicks .

Van Gaal reveals he tried to sign Hummels for Man Utd
There was a feeling of sadness and regret amongst Manchester United fans when Bastian Schweinsteiger left the club in 2017. Van Gaal had an ultimately unsuccessful stint with the club, which lasted two years.

Indian media condemned for insensitive coverage of Sridevi's death
The superstar was also given a gun salute at the club where her body was kept for her fans to pay their last respect. Her husband, producer Boney Kapoor, and daughters stood by the body as fans and friends walked past in respect.

The DFS Express: UFC 222
The UFC turned to Cyborg to save the show. "Any fight that the UFC would like to make and the fans want to see, I'd like to fight. Her first two fights in the organization took place at a catchweight of 140 pounds before the 145-pound division was formed.

Nigeria's economy grew 1.92 pct in Q4 2017
NBS disclosed this yesterday, in its Gross Domestic Product , GDP, report for fourth quarter, 2017 (Q4'17) and the Full Year. It said crop production grew by 4.58% in the fourth quarter of 2017 compared to 3.19% in the third quarter 2017.

West Virginia Senate sends pay raise measure to committee
She said she would much rather see the pay raise money go toward a fix for PEIA. For the sixth consecutive school day, all schools were closed in West Virginia.

Iran Rejects Report about 'Successor Deal' to JCPOA
The State Department has backed the president's calls, including his demand for global inspections on Iran's nuclear sites. Some E.U. members have expressed opposition to US sanctions on Iran.

National Hockey League ticket drive in Seattle gets off to hot start
The privately-funded remodeled stadium is expected to seat 17,500 , so expect a rather lengthy waiting list for season tickets. The deposits are seen as a key barometer as to whether the league will award a franchise.

Lonzo Ball reveals his favorite track off of 'Born 2 Ball' mixtape
His improved ball-handling skills show just how much more confident he is on the court and how he's getting better with each game. As the clock ran out on a victory played on the other side of the country, a "Let's go Lakers!" chant broke out in Philips Arena.

Astronomers Just Caught Their First Glimpse of the Dawn of the Universe
It was estimated that by the time the signal reaches Earth here and now, it would be somewhere around 100 MHz. These are signals from ancient stars that were active within the first 180 million years of the Big Bang.

Sohrabuddin Sheikh case claims yet another judge, says Rahul Gandhi
Rahul Gandhi on Tuesday flagged the transfer of a judge who had finished hearing the Sohrabuddin Sheikh "fake encounter" case. The judge who replaced Loya, MB Gosavi, later dropped all charges against Shah within two weeks of hearing the petition.

Derrylin fire claims three lives
Det Supt Jason Murphy said the PSNI "believe the fire, which has claimed at least three lives, was started deliberately". Police believe a house fire in Co Fermanagh in which at least three people died on Tuesday was started deliberately.

Samsung's Bixby speaker may delay launch to 2H of 2018
Bixby , the digital assistant, can be used to instruct you of calendar events and build a shopping list. The Galaxy S9 and S9 Plus also bring AR Emoji, which is similar to Apple's Animoji on the iPhone X.

Barcelona frustrated by plucky Las Palmas after stunning Messi opener
Jonathan Calleri scored from the spot to earn his side a vital 1-1 draw in their fight against relegation. "We don't know what the referee gave the penalty for", Valverde said in his postgame news conference.

Michael McCormack returns colleagues dumped by Joyce to frontbench
The victor will automatically become deputy prime minister under the terms of the coalition agreement with the Liberal Party. On Monday McCormack was sworn into the infrastructure and transport portfolio that Joyce took from Chester in December.

Other news