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Carpetright trading update

Carpetright’s trading update appears to have disappointed the market despite the 5.6% rise in UK like-for-like sales in the quarter. The bad news was that like-for-like sales in the rest of Europe fell 10%. Gross margin has fallen slightly so it appears likely that the results will not show much, if any, profit growth.

The LFL growth in the UK is particularly good given that Carpetright’s sales are heavily influenced by the state of the residential property market.

Carpetright is continuing to expand, despite the management’s non-committal comments on the short term outlook.

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