Carpetright floors opponents

BRITAIN'S largest carpet retailer Carpetright has shrugged off the gloom in the homeware sector by reporting a 16.5% surge in first-half pre-tax profits. While rivals such as Courts and MFI have struggled, underlying profits at the group hit £32.6m for the six months to the end of October. The UK and Ireland business, which trades from 371 stores and 39 concessions in Allders department stores, saw sales increase 8.3% to £203.3m.The business saw growth across the whole range of floor coverings with a particularly strong performance from both roll stock carpet and vinyl ranges.Chairman and chief executive Lord Harris said: 'Although the UK floor coverings market remains challenging the Carpetright business is well-placed to continue outperforming the market and gain further market share.'He said October saw sales back on track after a difficult September in the firm's biggest market, the UK and Ireland, where late summer weather put people off buying carpets.However, the average value of each sale at its stores was falling as customers tighten their belts amid rising interest rates.Although he did not say what the firm's own forecasts were, he said analysts were expecting pre-tax profit in a range of between £69m to £71m. The company said its new smaller store format was performing well. It has opened 20 such stores and has identified a further 80 locations with potential for the future. Shareholders will be pleased with the 11.8% increase in dividend to 19p per share. Shares fell 7p in early morning trading to 1,081p.

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