Laura Ashley slips into the red after homeware arm underperforms
Laura Ashley has reported a full-year pre-tax loss and seen like-for-like and total sales fall, which the retailer’s chair put down to the underperformance of its homeware arm.
The homeware and fashion retailer posted a statutory loss before tax of £14.3m in the 52 weeks to June 30, 2019 down from a profit of £0.1m.
Total like-for-like retail sales for the year were down 3.5%, while total group sales fell to £232.5m, down from £257.2m the previous year.
Chair Andrew Khoo said the primary cause for the profit drop was down to the retailer’s home furnishing arm, and a website “re-platforming exercise” at the end of 2018.
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