A Bad Day for Carpets and Coffins Hurts U.K. Consumer Stocks
- Dignity, Carpetright each lose about half of value on warnings
- Britons becoming more price-sensitive as consumer economy sags
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Hard-pressed British consumers are avoiding new carpets and scrimping on funerals.
Carpetright Plc, the nation’s largest seller of floor coverings, said Friday that a drop in consumer confidence caused a “sharp deterioration” in its U.K. business. Dignity Plc, the biggest funeral services provider, warned of a major profit setback due to big price cuts. Shares of each company plunged about 50 percent, dragging consumer peers lower.