Land of Leather sales fall again

Like for like sales orders fell 32.1 per cent in the 13 weeks to 27 April 2008 compared to a 0.9 per cent drop the same time a year ago. In April Land of Leather announced that Sleep Depot, which operates 71 concessions within the furniture retailer's stores, had been placed into administration. As a rememdy the group said today that it had agreed with Homestyle Group for it to take concession space in 28 of its stores. One new store was opened in Yeovil in the quarter however additional store openings are planned until the retail conditions show signs of improvement the group said.

'The Board expects market conditions to be challenging for the remainder of 2008, and particularly in the final quarter of the financial year where trading is against strong comparatives, but remains confident in the business' ability to increase profits quickly when consumer confidence returns.