CPR.L Share News (CPR)

Carpetright, a carpet and floor covering retailer, expect its full-year profits before tax to be ahead of market expectations thanks to strong UK sales and improvements in the rest of Europe.UK like-for-like sales increased by 10.5%, and full-year gross profit margins are expected to be around 130 basis points below the prior year level.In the rest of Europe, like-for-like sales rose by 2.4% but after the impact of currency movements, total sales declined 12.6%.Chief executive Wilf Walsh said: "In the UK our continued focus on effective promotional activity and the introduction of an interest free credit offer has supported solid like-for-like sales growth of 10.5%."Sales in the Rest of Europe have also continued to improve, building on the progress made in the third quarter."Shore Capital analysts said: "Following share price appreciation of Carpetright we were reviewing our stance on our recommendation. However following this positive trading statement we reiterate our BUY stance."Shares were up 6.82% to 461.5p on Tuesday at 11:11.