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CAUTIOUS CARPETRIGHT BEATS FORECASTS

Lord Harris, Carpetright chief, hailed a 'solid' start to the fiscal year

Thursday October 29,2009

By Daily Express Reporter

FRESH business in the resurgent housing market and a boost from the collapse of rival Allied Carpets has put Carpetright on track to smash half-year profit forecasts.

The group, headed by chairman and chief executive Lord Harris of Peckham, is tipped to announce six-monthly earnings of £12.6million, up from last year’s £9.5million and above City hopes of £10million.

Lord Harris said talks with housebuilders and insurers were resulting in extra business and the group expected more progress in the second half.

He said: “Whilst we remain cautious about the retail market in the balance of the financial year, we have made a solid start.”

Total sales in the 12 weeks to October 24 rose 10.3 per cent with like-for-like sales at its stores in the UK and Ireland surging 5.6 per cent, although weakness in Europe offset the UK trading. Shares dipped more than 14p to 886p.