CPR.L Share News (CPR)

- Second profit warning in nearly four months- Deteriorating trading in Netherlands overshadows improved UK - Full-year expected to be below lower end of current market forecastsShares of flooring retailer Carpetright tumbled after it warned on profit for the second time in nearly four months as deteriorating trading in the Netherlands dragged on an improved UK performance."Whilst our third quarter result reflects an improved UK performance, a further deterioration in trading in the Netherlands means that we now expect our full year underlying pre-tax profit to be below the lower end of current market expectations," the group warned in a company statement.UK like-for-like (LFL) sales in the UK increased by 1.9%, while total sales increased by 0.6%. LFL sales in the Rest of Europe, including the Netherlands, Belgium and the Republic of Ireland, tumbled 7.7%. Total sales declined by 7.5%. Trading in Belgium and the Republic of Ireland was in line with company expectations.Executive Chairman Lord Harris said: "Tough trading conditions persisted in the UK in the third quarter of our financial year but our self-help measures have enabled us to grow sales within a difficult market."Trading in our Rest of Europe business continues to be dominated by the extremely difficult economic conditions in the Netherlands. As a result we now expect this business unit to be loss making for this financial year, although we still expect it to remain cash generative." Carpetright noted that while the rate of recovery in the UK remains uncertain it continues to be confident its self-help measures have further potential. CJ