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Carpetright’s five embarrasing profit warnings
Retailer Carpetright (CPR) has issued an incredible five profit warnings in less than a year. It says trading was poor over Christmas and stayed this way into the start of 2018.
Sellers of big-ticket items are coming under pressure, with items like carpets and beds usually the first to go on the back burner when consumer incomes are squeezed.
Worryingly for shareholders, Carpetright’s cash flows and balance sheet are feeling the strain and a breach of banking covenants looks possible if trading fails to improve.