Laura Ashley full-year profits jump as like-for-likes rise 2%

The 212-store fashion and homewares retailer said that total group sales rose 4.5% to £298.8m while total UK retail sales up 3.1% to £263m.

Like-for-like momentum has continued since year end, stepping up to 2.7% in the last two months, the retailer said.

The company said that its non-store revenue streams in ecommerce, franchising, licensing and wholesale grew 17% to account for 26.7% of group turnover.

Online sales alone grew 19.6% while the retailer’s international franchise business grew 13.3%. Laura Ashley has 266 franchise stores in 28 countries.

The retailer launched a click-and-collect service and mobile site this year to bolster its digital offer as mail order sales declined

Laura Ashley said that furniture accounted for 30% of sales last year, home accessories 28%, decorating 23% and fashion 19%.

The retailer said its refurbished hotel in Hertfordshire – which it uses to showcase its products and designs – will open in a “matter of weeks”.

Chairman Tan Sri Dr. K P Khoo said: “I am pleased that we have maintained the progress of recent years and delivered another strong set of results. Continued like-for-like growth across retail, bolstered by strong performances from both our online and international businesses, have helped to deliver 9.2% growth in profit before tax.

“We are confident that, despite an extremely competitive retail sector and a challenging consumer environment, both our business and brand are able to continue the steady and robust progress of recent years. As we continue to expand both globally and online, we believe that our quality product ranges, based on sixty years of innovative design and a rich brand heritage, underpin the foundations of our future growth.”