Laura Ashley profits impacted by weak pound
In the 52 weeks to 30 June 2017, total group sales were £277 million compared with £400.9 million in a 74-week period last year. Like-for-like sales fell by 3.1% over the same period.
Group pre-tax profit excluding exceptional items was £8.4 million compared to £24.7 million in last year’s 74-week period. Statutory pre-tax profit fell to £6.3 million from a previous £22.8 million.
Tan Sri Dr Khoo Kay Peng, Laura Ashley chairman, said: “We are focused on addressing the challenges which our business has encountered over the past year and are confident that we are well-positioned to overcome them.
“Our online performance continues to be strong and we saw like-for-like online revenues grow by 5.6% over the year. Customer responses to the improvements we have made to our multi-channel offer have been positive and we are committed to its ongoing enhancement and development.”
The company said it was focusing on a “strong and expanding” international presence. Earlier this year, it signed a new license partner in India and will open its first Indian stores next month. In addition, it launched a Chinese website in November.
Tan Sri Dr Khoo Kay Peng added: “Laura Ashley is known worldwide for high quality, beautifully designed products. 33% of our sales come from products manufactured in the UK. We are confident that the enduring nature and heritage of this much-loved British Brand as well as the execution of our business strategies, will help position the group to grow and develop over the years to come."
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