Carpetright profits down by 42% amid sales slump
Profits at Carpetright plummeted in the first half of the year, with the retailer warning that the collapse in sterling and uneven consumer demand had dented its performance.
The group, which has eight stores across Northern Ireland, announced pre-tax profits slumped 42% to £4.1m in the six months to October 29.
Revenue also fell 3.8% to £222.3m, with the group noting that competition contributed to a 2.9% decrease in like-for-like sales during the period.
Boss Wilf Walsh said: "We have had a challenging first half - the full impact of the UK decision to leave the EU remains unclear, consumer demand remains uneven, the market is extremely competitive, and the impact of currency movements have combined to give us substantial trading headwinds.
"To address these challenges and revitalise the business, we have a programme of activities under way, but these will take time to deliver their full effect."
Carpetright said it had been stung by the rising cost of imported goods following a fall of around 16% in the value of sterling against the US dollar.