Land of Leather LFL sales 'slightly below expectations'

Figures for the first quarter to 28th October 2007 show total sales order intake up 5% (2006: up 35%) but like for like sales orders down 9.2% (2006: up 5.1%), below expectations due to particularly difficult trading conditions in the Republic of Ireland.

The first quarter of the year is measured against a strong comparative first quarter of 2006 when the company reported like for like sales up 5.1% and an increase in total sales orders of 35%.

Land of Leather opened nine new stores in the first quarter of the financial year bringing the total number of stores to 103.

Commenting on the trading update Paul Briant, Chief Executive, said, ”As expected, trading in the first quarter of the year has continued to be difficult as the full effect of the five interest rate increases filter through to the consumer and we were trading against strong comparatives. The second quarter of the year includes the important January sale period for which our product range and marketing plans are well advanced. As a result we remain confident in our ability to compete effectively in a tough trading environment.”