Home chain Laura Ashley issues profit warning

17th February | homeware | Like for like sales at Laura Ashley have fallen 6.2% in the year to 31st January, prompting the fashion-to-furniture retailer to warn that profits will be lower than expected.

Overall sales climbed just over 10% thanks to new store openings, but the combined impact of falling demand, heavy discounting, and the weak pound have contributed to the firm recording a profit before tax and exceptional items of £9m – lower than had been anticipated.

The 228-store firm also saw falling sales in its mail order operation, but did achieve some success with online sales, which grew 65.4%.

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