Shares in floor coverings specialist Carpetright have plunged 45 per cent, after it warned that full-year profits would be much lower than expected.

The company, which has stores in Cheltenham and Gloucester, blamed the profit alert on a sharp fall in UK trade, with sales since Christmas period significantly down on expectations.

Carpetright's profits have been laid bare and are now expected to come in at between £2m and £6m, compared with analysts' original estimates of around £14m, as reported by the BBC.

In the 11 weeks to 13 January, like-for-like sales fell 3.6 per cent in the UK. That's something that can't easily be swept under the carpet.

Europe's biggest floor covering chain said like-for-like sales had fallen 7.1 per cent since Christmas.

Punchline says: It looks like Carpetright has let its rivals walk all over it.

What do you think? Email mark@moosemarketingandpr.co.uk