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Annual Results

Laura Ashley like-or-like sales fall

23 August 2017 07:22

Laura Ashley Holdings' total like-for-like sales fell by 3.1% in the 52 weeks to the end of June.

The group posted a profit before tax and exceptional items of £8.4m (2016: £24.7m - 74 week period) and a statutory profit before tax of £6.3m (2016: £22.8m - 74 week period).

Group sales totalled £277.0m against £400.9m for the 74 week period) with online revenue of £57.3m (2016: £73.5m - 74 week period).

Online sales were up 5.6% on a like-for-like basis.

Hotel revenue totalled £2.5m (2016: £3.5m - 74 week period).

The company said the board was not recommending payment of a final dividend. An interim dividend of 0.5p has already been paid (2016 - 2.5p).

Chairman Tan Sri Dr Khoo Kay Peng said: "Trading conditions have been challenging for the year ended 30 June 2017.

"The impact of weak sterling has also contributed to the overall fall in profit which the Group has experienced.

"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.

"A strong and expanding international presence is at the core of our strategy.

"We signed a new licence partner in India earlier this year and we are looking forward to the opening of our first Indian stores next month.

"We launched our Chinese website in November and I am pleased that this is making good progress and enhancing our presence in the territory.

"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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