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.
When: 23 April 2010
Price then: 854p
Price now: 569p
Share price change: -33%