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By
Reuters
Published
Dec 16, 2010
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Laura Ashley defies winter gloom, shares jump

By
Reuters
Published
Dec 16, 2010

Dec 16 - British fashion and home wares retailer Laura Ashley Holdings Plc said it was confident that full-year trading would be ahead of its expectations, despite heavy snowfall in the UK and uncertain economic conditions.

The company's stock, which has gained 30 percent in the past one year, was up 8.8 percent at 18.5 pence at 0850 GMT on the London Stock Exchange.

For the first 19 weeks of the second half to Dec. 11, Laura Ashley's total UK retail revenue increased 1.3 percent, while like-for-like sales grew 2.7 percent.

"We have opened 2 new stores and closed 12 this year and continue to streamline our store portfolio in an effort to optimise profitability," the company said in a statement.

(Reporting by Tresa Sherin Morera in Bangalore; Editing by Roshni Menon)

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