Carpetright pre-profits down

Carpetright ended up looking a bit grubby this Tuesday, becoming the latest company to fall afoul of sterling’s slump.

Full year pre-profits plunged 42% to £4.1 million, while like-for-like sales shrank 2.9%, with CEO Wilf Walsh explicitly pointing to the Brexit and the pound’s subsequent troubles for the weak annual results.

Investors reacted in kind, sending the stock more than 4% lower, wiping out much of the growth Carpetright saw at the end of last week.

comment from Connor Campbell, a senior market analyst at www.spreadex.com