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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2010/12/carpetright-reports-profits-slide.jpg"><img class="alignnone size-full" title="Carpetright has reported a fall in half-year profits" src="http://londonglossy.com/wp-content/uploads/2010/12/min-carpetright-reports-profits-slide.jpg" alt="Carpetright has reported a fall in half-year profits"/></a></p>
<p>Challenging economic conditions have left their mark on retailer Carpetright after the flooring chain reported a 28% drop in half-year profits.</p>
<p>The business, which has 584 stores in the UK and Ireland, added it remained cautious about conditions over the rest of this financial year and into 2011 after sales fell 4% to £248 million in the six months to October 30.</p>
<p>Despite the slide in underlying profits to £10 million, chairman and chief executive Lord Harris of Peckham said Carpetright was in a strong position to deliver sales growth when consumer demand in the sector returns.</p>
<p>Total revenues in the UK and Ireland declined by 2.7% to £207.6 million, with the figure down by 6.1% on a like-for-like basis. Underlying operating profits in the UK and Ireland fell by a third to £9.6 million, it added.</p>
<p>As well as fragile consumer confidence, Carpetright said sales of big-ticket, housing-related items were impacted by a low level of mortgage approvals.</p>
<p>Matthew McEachran, a retail analyst at Singer Capital Markets, said the figures were in line with expectations, although he highlighted concerns about the impact of recent weather conditions on trading figures.</p>
<p>He added: &#8220;We expect the snow to have had an adverse effect in recent weeks and whether or not this can be clawed back over the peak trading season remains to be seen.&#8221;</p>
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