After only six weeks in the job, no one was expecting a miracle from new Carpetright chief executive Darren Shapland in this week’s annual results – in fact the market was braced for bad news following a succession of profit warnings.

After only six weeks in the job, no one was expecting a miracle from new Carpetright chief executive Darren Shapland in this week’s annual results – in fact the market was braced for bad news following a succession of profit warnings.

But as his first public outing in the new position, it will still have been an uncomfortable feeling to deliver an 84% slump in UK underlying operating profits to £2.8m.

Weak consumer confidence continues to take chunks out of the market for big-ticket, discretionary purchases. However, Carpetright’s poor performance and the arrival of the new chief have not been accompanied by news of a strategic overhaul – in contrast with some other retailers.

It was encouraging that Carpetright was able to report an improvement in its debt position and there are signs that investments in extending its range into beds and laminate floorings are broadening its appeal.

Carpetright’s store revamps continue apace too, and Shapland was able to report that in the 34 refurbishments that had taken place before year end, like-for-like performance was up 10%. Second-half like-for-like sales across the UK business were up 1.9%.

Shapland’s message on strategy was “more of the same”. Few would argue with that sentiment. The market Carpetright operates in is not experiencing the rapid structural changes faced by others. And Shapland has insisted the business is well run –  after all, there is little chairman Lord Harris doesn’t know about selling carpets. As Shapland was at pains to point out, his business’s woes are inextricably linked to tightening consumer pockets.

And there lies the problem. Carpetright looks ready to take advantage of a return to brighter economic times. But, as even this retailer’s greatest advocates would concede, there are few signs of that being any time soon.

Ocado’s growth woes

Ocado may have posted a first-half profit, but the accompanying fall in the share price betrays the concerns that still dog the business.

In particular, the retailer’s growth seems to be slower than that of its competitors’ online divisions. Ocado will benefit from investments in its distribution capabilities, while moves into non-food will allow it to leverage an expanded range. But, as the battle for online grocery share escalates, Ocado’s ability to compete effectively against its giant rivals remains in doubt.