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Interim Results

Laura Ashley like-for-like sales fall

16 February 2017 07:17

Laura Ashley's like-for-like sales fell by 3.5% in the 26 weeks to 31 December while total sale of £146.0m were down from £149.8m in the 26 weeks 30 January 2016.

The group posts profit before tax of £7.8m against £11.0m for the 26 weeks to 30 January 2016.

Online revenue totalled £25.6m. (26 weeks to 30 January 2016: £25.0m).

Hotel revenue totalled £1.4m (26 weeks to 30 January 2016: £1.3m).

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 30th June 2017 and, given the continued market challenges, feels that net pre-tax profit for the year will fall below market expectations.

"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.

"Continuing to grow and develop our international presence and explore new partnership opportunities is an important part of our strategy and we have made good progress in the half.

"We signed a new licence partner for the India market which strongly positions the brand for advancing in a major country. We are also pleased to now have a presence in China, having launched a website in November.

"As we connect with new customers, both in the UK and worldwide, our ongoing commitment to design, quality and innovation will ensure that the company and the brand continues to resonate with its existing loyal customer base.

"I am confident that Laura Ashley is well positioned to continue its progress and make the most of the opportunities ahead."

Story provided by StockMarketWire.com

Related Company: ALY

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