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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: Knighty Tin who wrote (22674)	2/2/2005 1:08:31 PM
From: mishedlo	Read Replies (1) of 116555

Carpetright blames sales crash on housing market Filed: 02/02/2005 Carpetright, the world's largest carpet retailer, has blamed the slowing housing market for a collapse in sales in January. Same-store sales fell by 7.5pc with Darren Shapland, finance director, saying: "We expected to be down in January but were disappointed by how much. We had thought 3-4pc." Mr Shapland said sales in January 2004 were up 8.5pc, "so we are still up on a two-year basis". He claimed that the fall in mortgage approvals in November had started to affect spending on carpets. "We've always said that 15pc of our sales are driven by housing transactions. The problem is when the slowdown starts many people do not move, but also don't improve because they hope to sell." The company said it would lose £250,000 at most from Allders, now in administration, where Carpetright has 39 concessions. Lord Harris, chairman and founder, said losing the £16m of annual sales from the concessions was "not the end of the world". telegraph.co.uk

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