Struggling Carpetright slumps to a massive £70m loss

Hit by stock shortages and warm weather

Struggling Carpetright has reported a massive loss for 2017-18 and said underlying sales had continued to fall in its new financial year, hit by stock shortages and warm weather.

For the year up to 28 April 2016, the British retailer has posted a loss of nearly £71m. Group revenue went down three per cent to £443.8m, while it made a loss of £8.7m before tax.

Carpetright has raised new equity and is closing stores to survive after creditors approved a restructuring plan. Its shares have crashed 81 percent over the last year.

The firm said 81 UK stores will close by the end of September.