Laura Ashley posts FY profit and sales decline
Laura Ashley, the British fashion and homewares retailer that is known for its floral prints, has reported a fall in both profit and sales in the full year to January 30, 2016.
Profit before tax and exceptional items was down from £22.9m to £20.7m, and sales fell 4.6% to £289.5m. However, this was in comparison to the previous financial year, which was a 53-week reporting period.
Like-for-like retail sales rose 4.8% and online revenue was up 5.3%, with online like-for-like revenue up 14.5%. The company has a £17.1m cash balance.
Tan Sri Dr Khoo Kay Peng, Chairman, said: “I am pleased with the performance and the underlying strength of our core UK business, where healthy like-for-like sales growth, across all product categories, has been achieved for another year. We are proud of the performance of our Home Accessories category, where our focus on innovation, quality and design has contributed to an 8.7% rise in like-for-like sales. Our online channel has continued to advance with like-for-like growth of 14.5%, a reflection of our enhanced digital platform and improved home delivery service."
"We are encouraged by the strong growth achieved by our hotel, which is now starting to realise its true potential both to the Brand and the company. We will continue to work with our overseas partners following a challenging year for our international business. The acquisition of our Asian Headquarters in Singapore signals our commitment to the overseas business channel. Our plans for continued international growth remain central to our strategy as a worldwide Brand."
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