Carpetright meeting threadbare expectations

Carpetright says that trading for the year to date is in line with management's expectations and its view for the year remains unchanged.

In a trading update for the 12 weeks ended October 13th it announced that like-for-like sales in the UK increased by 0.6%, although total sales in the UK declined by 0.6% due to the reduction in the number of stores year on year.

Try 6 free issues of MoneyWeek today

Get unparalleled financial insight, analysis and expert opinion you can profit from.

Start your trial

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Darren Shapland, Chief Executive, said: "Gross margin for the period continued to improve in line with our previously announced expectations and our guidance of a full year gross margin improvement in the range of 200-250 basis points above the prior year, remains unchanged. The majority of this margin improvement will be realised in the first half, as we annualise the margin improvement measures implemented in the second half of last year."

The group will report its interim results for the first half of its financial year on December 11th.

Consensus forecasts for the full year ending 30 April 2013 are for pre-tax profits of £9.34m (2012: £13.50m) on turnover of £466.80m (2012:£471.50).

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.