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Carpetright slips again

TIP BIT: More bad news from Carpetright, and the shares remain a sell
August 3, 2011

Bad news continues to unroll at Carpetright, which reported yet another drop in sales in its latest trading update.

IC TIP: Sell at 569p

Sales in the 12 weeks to 23 July were down 1.5 per cent, with the closure of a net 25 stores in the period - including 16 concessions in the bankrupt Focus chain - offsetting a better underlying UK performance, which saw the decline in like-for-like moderating to just 0.2 per cent. But it needed heavy promotion to drive that improvement, which will reduce profit margins this year.

What we said:

When: 23 April 2010

Price then: 854p

Price now: 569p

Share price change: -33%