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'.

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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.


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