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Wednesday October 8th 2008
Land of leather reports loss
Archived article dated Wednesday October 8th 2008
Land of Leather has annunced a full year loss of £0.4m compared to a £16m profit the year before.
Profit before taxation and exceptional items for the year fell to £2.3m from £18.5m the year before. Like for like sales orders were down 28.9 per cent while total sales orders fell 20.5 per cent.
The company said it had suspended the programme of fitting mezzanine floors into the existing store portfolio in order to reduce capital expenditure. In addition, no refurbishments are planned and all repair and maintenance work will relate only to that required for normal operational or health and safety reasons."Trading conditions have been severely affected by the impact of the 'credit crunch' on housing transaction levels, consumer confidence and spending on bigger ticket discretionary items," the group said.
Tagged as: land of leather
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