DCSIMG

Laura Ashley sales continue to fall

  • by GARETH MACKIE
 

Fashion and furnishings chain Laura Ashley today revealed a continued decline in sales ahead of the key Christmas trading season.

The firm said total sales fell by 2 per cent in the 19 weeks to 7 December, with like-for-like sales, which strip out the effect of store openings, dipped 0.7 per cent.

That follows the 5.6 per cent drop in total sales the group suffered during the first half of the year.

Since the start of the second half, the retailer has opened two UK stores and closes six, while its overseas franchise business has grown by 23 branches, taking the total to 289.

For the year to 7 December, total sales have fallen 2.1 per cent, with like-for-like takings down 1.6 per cent.

Freddie George, retail analyst at Cantor Fitzgerald, said today’s trading update was weaker than expected, and the broker has trimmed its full-year profit forecasts to £18.2 million, down from £20m previously.

 

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