Carpetright punished for slower growth rate

Shares in flooring company Carpetright (CPR) took a battering following a fourth-quarter update from the group. For the 12 weeks ended 23 April, underlying sales rose 0.7 per cent, taking the full-year growth rate up to 2.9 per cent - marginally short of analysts' expectations. Guidance regarding the decline in full-year margins was also tightened to between 80 and 100 basis points as opposed to 100-150 basis points previously.