Carpetright, the floor coverings retailer, today posted a 53% slump in annual profit, failing to tap-in to the UK's improving housing market.
The firm, which has issued three profit warnings in the last nine months, said it made a profit before tax and one off items of £4.6m in the year to April 26.
That was in line with guidance for profit in a range of £3.5-5.5m, issued in March, but down from £9.7m made in the 2012-13 year. Revenue for the year fell 2.2% to £447.7m.
Carpetright trades from 472 UK stores and concessions as well as over 142 stores in Ireland, the Netherlands and Belgium.
Britain's housing market has steadily improved, fuelled by a government scheme that has boosted buyer demand.
Carpetright is revamping its stores and product ranges in abid to counter tough competition in Britain, and reverse a slide in sales in the Netherlands, where the market is particularly weak.
"We continue to take steps to develop the business. While we anticipate trading conditions will remain challenging, we expectt hese actions will underpin an improvement in group performance in the new financial year," said founder and executive chairman Phil Harris, who will become non-executive chairman on July 21 when Wilf Walsh joins as chief executive.