Laura Ashley expects further growth as profits rise

FASION and homewares retailer Laura Ashley Holdings posted a 5.2 per cent rise in full-year adjusted pre-tax profit, boosted by sales through the internet and at its UK stores.
By The Newsroom
Published 1st Apr 2010, 10:30 BST

However, Laura Ashley cut its 2010 dividend by 20 per cent to 1p.

The company expects growth continuing in 2010 and said like-for-like sales for the eight weeks to March 27 rose 4.6 per cent due to targeted promotional activity.

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For the year ended January 30, the company posted adjusted pre-tax profit of 10.1m up from 9.6m a year ago.

Total sales increased three per cent to 268.4m.

Gross margin for the financial year 2010 declined by 1.8 percentage points due to promotions and the weakness of sterling.

Laura Ashley, which trades from 231 stores in the UK, said in 2010 it would focus on buying smaller, new concept stores and optimising space in its existing portfolio to drive additional density.