Shares in Carpetright (CPR) have fallen by a quarter since we last updated on the company just a few weeks ago. At that time, we reported that chairman Lord Harris had sold a whopping £13.3m-worth of shares for "personal financial reasons". Now, though, it seems the floorings specialist might be turning a corner.
In the second quarter, UK like-for-like sales rose 7 per cent and total sales were up nearly 6 per cent, while full-year margin guidance remained unchanged. In the rest of Europe, where trading has been diabolical in recent years, like-for-like sales at constant exchange rates fell just 0.5 per cent, while total sales were down by 0.8 per cent. The gross profit margin is expected to widen by 250 basis points for the full year, which, in conjunction with lower operating costs, should tip the Dutch and Belgian businesses into profit in the first half.
