Carpetright shares are down nearly 15 percent this morning after a disappointing earnings release.

Like-for-like sales were up 0.7 percent in the twelve week period and up 2.9 percent for the financial year to date – a considerable fall from last year’s sale increase of 9 percent.

However, chief executive Wilf Walsh remained positive, saying results were “encouraging”:

“Our plan to revitalise the Carpetright brand remains on track. We continue to make progress with our efforts to reduce store occupancy costs, with a number of further property deals in the pipeline. We look forward to providing shareholders with a comprehensive update on our strategic plan at the time of our results announcement at the end of June.”

Carpetright (LON:CPR) shares are currently down 14.03 percent at 331.00 (1153GMT).