Upmarket furnishing, fabrics and wallpapers designer Colefax warned this year's pre-tax profit will be significantly below current market expectations after a weak performance from its decorating division and a slower than expected recovery in its core US market.
Chairman David Green said, "Since the half year end trading conditions in the UK and Europe have deteriorated and we expect trading to become more difficult. In the US, which is our major market, we expect the recovery to continue but at a slower pace than we previously anticipated."
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