THE RETAIL BULLETIN - The home of retail news
HOME
RETAIL NEWS
RETAIL EVENTS
Fashion
Department Stores
Shopping Centres & Retail Parks
Home & DIY
Electricals
Health & Beauty
General Merchandise
Entertainment
Sports & Leisure
Retail Solutions
Food & Drink
Interviews
RETAIL INSIGHTS
RETAIL SOLUTIONS
ABOUT US
CONTACT US
SUBSCRIBE FOR FREE
Laura Ashley warns on profit as like-for-like sales fall

Fashion and home furnishings retailer Laura Ashley has said its full year profit will fall below market expectations after reporting a 3.5% drop in first half like-for-like retail sales.

GENERAL MERCHANDISE

Laura Ashley warns on profit as like-for-like sales fall

Fashion and home furnishings retailer Laura Ashley has said its full year profit will fall below market expectations after reporting a 3.5% drop in first half like-for-like retail sales.

In the 26 weeks to 31 December, group sales reached £146 million compared to £149.8 million in the corresponding period last year.

Pre-tax profit fell to £7.8 million from a previous £11 million.

Looking at categories, like-for-like furniture sales were down 8% in the period while decorating like-for-like sales fell by 6.4%. Fashion like-for-likes decreased by 3.2% but home accessories fared better with a like-for-like increase of 2.5%.

Commenting on the results, Laura Ashley chairman Tan Sri Dr Khoo Kay Peng, said: "Trading conditions have been demanding during the first six months of the year ending 30 June 2017. The board have reviewed the first half results and forecasts for the remainder of the year to 30 June 2017 and, given the continued market challenges, feels that net pre-tax profit for the year will fall below market expectations.”

The company said it is continuing to grow its international presence and explore new partnership opportunities. During the period, international operations contributed 7% of total group revenue. As at 31 December 2016, there were 251 franchised stores in 29 territories worldwide.

During the first half, Laura Ashley signed a new licence partner for the India market and launched a website in China.

Tan Sri Dr Khoo Kay Peng added: “Despite the well-documented pressures in the broader commercial environment, there have been a number of positives in the first half and the business is well placed to respond to the challenges ahead. We are committed to delivering the best possible multichannel experience for our customers.

“Looking ahead, the ongoing investment to enhance the online experience will add to the already rich heritage of this great British Brand and bring Laura Ashley to a larger and more international audience.”

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

RETAIL EVENTS

Omnichannel Futures Conference 2019
Omnichannel Futures Conference 2019
6 February 2019
Cavendish Conference Centre, London WG1 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy
Customer Engagement Conference 2019
Customer Engagement Conference 2019
5 June 2019
Cavendish Conference Centre, London W1
The 10th Annual Retail Customer Engagement Summit
The HR Summit 2019
The HR Summit 2019
Tuesday 8 October 2019
The Cavendish Conference Centre, London W1
The 11th HR Summit 2019, The Cavendish Conference Centre, London W1, 8 October 2019
AI in Retail Conference 2019
AI in Retail Conference 2019
16 October 2019
Cavendish Conference Center, 22 Duchess Mews, London W1G 9DT
Digitally native competitors and demanding customers are forcing a new perspective in retail. AI and machine learning can help you step up to the challenges; and some ‘small and beautiful’ solutions can increase your conversion rates within just a few weeks.
Payment Roundtable 2019
Payment Roundtable 2019
6 February 2019
The Cavendish Conference Centre, 22 Duchess Mews, London W1G 9DT
The Retail Bulletin Payment Roundtable will raise debate and discussion centred on but not exclusive to improving the in-store payment process